According to Odaily, MicroStrategy has made an additional purchase of 11,931 Bitcoins, valued at approximately $786 million. As of June 20, 2024, MicroStrategy's Bitcoin holdings have reached a total of 226,331 Bitcoins. The average price per Bitcoin in their possession is $36,798, bringing the total value of their Bitcoin holdings to approximately $8.33 billion. This move is part of MicroStrategy's ongoing investment in the digital currency, demonstrating their confidence in Bitcoin as a valuable asset.

MicroStrategy, a prominent business intelligence firm known for its bullish stance on Bitcoin, has recently made a significant addition to its Bitcoin holdings. Between April 27 and June 19, 2024, the company purchased approximately 11,931 bitcoins, according to a report by Bloomberg.

Total Purchase: ~11,931 BitcoinsPurchase Period: April 27 - June 19, 2024Source: Bloomberg (BBG)
This substantial acquisition reaffirms MicroStrategy's commitment to its Bitcoin investment strategy. The company, led by CEO Michael Saylor, has been a strong advocate for Bitcoin as a primary treasury reserve asset. This latest purchase adds to MicroStrategy's already impressive Bitcoin holdings, further solidifying its position as one of the largest corporate holders of Bitcoin.
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Breaking Microstratgy Acquired 1045 BTC

On Wednesday, business intelligence firm MicroStrategy announced that it had bought an additional 1,045 Bitcoins for a total purchase price of roughly $29.3 million.

According to a recent filing with the United States Securities and Exchange Commission (SEC), the new acquisition was made between March 24 and April 4 at an average price of $28,016 per coin.

This most recent haul brings the company's Bitcoin vault to an astounding 140,000 coins.

Those coins were acquired at an aggregate purchase price of approximately $4.17 billion. The company's average purchase price now stands at $29,803 per Bitcoin.

The bellwether cryptocurrency is currently trading at $28,564 on the Bitstamp exchange, which means that MicroStrategy is yet to break even after facing massive losses in 2022 due to the bear market.

As reported by U.Today, the company also announced a $150 million Bitcoin purchase in late March.

MicroStrategy has been a key player in the corporate adoption of the flagship cryptocurrency, with its initial investment in the cryptocurrency in August 2020.

Since then, the company has continued to expand its Bitcoin holdings, making it the largest corporate holder of digital assets.

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CoinShares report highlighted that the week ending March 24 noted the highest inflows since July 2022.

MicroStrategy holds over $4 billion worth of Bitcoin after adding 6,455 BTC since last month.

Bitcoin price is trading at $26,923, struggling to breach $28,500 for nearly two weeks now.

Bitcoin has been noting increasing institutional interest for the last few days as whale movement on the network grew. At the same time, another major bitcoin holder MicroStrategy also dove back into accumulating BTC suggesting that the cryptocurrency could be taking a bullish turn.

MicroStrategy is back to acquiring Bitcoin

In a regulatory filing on March 27, Michael Saylor’s company announced that MicroStrategy had acquired about 6,455 BTC for $150 million over the last two months. The average price of each Bitcoin stood at around $23,238, bringing the total BTC holdings of the firm to 138,955.

This is the first purchase announced by MicroStrategy this year, as the last purchase was noted in December 2022, when the company had added about 2,500 BTC. Valued at $4.14 billion, the average price of each Bitcoin held by Saylor’s organization is close to $29,817. The current price of the biggest cryptocurrency in the world is around $26,780, which shows that Microstrategy’s investment is still at a loss.

Bitcoin price needs to be at a nine-month high and breach the critical support at $28,567 for the company to break even on its investment. However, BTC is treading in the opposite direction at the time of writing, trading at $26,923, falling by nearly 4%. Struggling to breach the critical resistance at $28,567 for about 14 days now, Bitcoin would need a push from investors to climb back to $30,000.

If the price falls further and loses the support at $24,943, it would be on the path to testing the critical support at $22,219. Falling through it would invalidate the bullish thesis, potentially sending Bitcoin price to $20,000, marking a 20% crash.

Rising institutional interest could save Bitcoin from crashing

MicroStrategy’s move is one of the first few indications that institutions might be back  investing in the crypto market and Bitcoin again. The CoinShares report highlighted that the weekly crypto asset flow for the week ending March 24 hit an eight-month high of $160 million.

Of this $160 million, $127.5 million was directed towards Bitcoin. Although considering the year-to-date flows, the asset is still noting a macro outflow of $104 million but rising institutional interest could flip that over the next few weeks.

This changing interest was also observed a few days ago in the form of whale movement as big wallet holders’ activity became much more significant. As observed on-chain, the transactions worth more than $100,000, denoted to be whale activity, shot up to a 15-week high.

Acquisitions by large wallet holders are generally a signal that the cohort is expecting a price rise going forward, which usually plays out in their favor.

Thus Bitcoin investors looking to go long should look out for the opportunity to jump in should the pattern repeat this time around as well.

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