Popular business intelligence firm, MicroStrategy has expanded its Bitcoin holding by acquiring 12,333 BTC in a $370 million deal. The development manifested today after the executive chairman of the firm, Michael Saylor announced the acquisition on his official Twitter page. According to Saylor, MicroStrategy completed the deal at $28,136 per BTC.
Meanwhile, with the latest purchase, MicroStrategy presently holds 152,333 BTC worth $4.52 billion at an average $29,668. More so, the new addition into MicroStrategy’s Bitcoin holdings further cemented its position as the largest institutional investor of BTC. Also, it reflects the firm’s relentless efforts towards purchasing more of the largest cryptocurrency by trading volume.
In addition, the firm’s continuous purchase of Bitcoin highlights its executive chairman’s position regarding the token. On various occasions, Michael Saylor has made it known that the firm will continue to acquire more Bitcoin regardless of the market situation. This is due to his faith in the token and its potential. As of press time, Bitcoin is trading at $30,141 which represents a remarkable recovery from its position for most of June 2023. Recall that on June 21, 2023, Bitcoin attained the $30,000 benchmark for the first time since April 2023.
Insights into the ambitious efforts of MicroStrategy to acquire more Bitcoin
In late 2021, MicroStrategy also bought 1,914 Bitcoin in a $94.2 million acquisition deal. According to its SEC filing at that time, it bought the asset at an average price of $49,299 per coin. Before making this purchase, it had earlier bought 5,050 in the same year. Today, the leading data analytics platform has positioned itself as one of the Bitcoin whales. Its CEO, Michael Saylor remains a proponent of the largest crypto by market cap and has consistently affirmed the coin acquisition as a mandate for MicroStrategy.
Meanwhile, Saylor is still facing a lawsuit filed by the Attorney General of Columbia, Karl Racine. In the filing, Racine accused the MicroStrategy boss of evading $25 million in district taxes. His firm was also mentioned in the lawsuit. According to the complaint, MicroStrategy allegedly paved the way for Saylor to evade the taxes. He risks $100 million in fines if found guilty of the allegation. It is not in doubt that the final outcome of the lawsuit will impact his future net worth.