MicroStrategy Spends $29 Million Buying More Bitcoin As BTC Eyes $30,000

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MicroStrategy Is Now Paying Its Board Of Directors In Bitcoin Instead Of Dollars
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American software company MicroStrategy, the largest corporate holder of Bitcoin (BTC) reserves, announced on Wednesday that it had purchased another 1,045 Bitcoin as the leading cryptocurrency eyes a breakout at $30,000.

MicroStrategy Now Holds At Least $4 Billion In BTC

MicroStrategy has bought more Bitcoin.

In a regulatory filing published on April 5, Michael Saylor’s business software company disclosed it had acquired an additional 1,045 bitcoins at an average price of $28,016 between March 24 and April 4. MicroStrategy spent a net $29.3 million on the coins. The latest acquisition follows the firm’s March purchase of 6,455 BTC. At the time, the firm also said it had fully paid off its loan with the failed Silvergate Bank.

MicroStrategy and its subsidiaries now own a total of 140,000 BTC. To acquire all of its bitcoin stockpile, MicroStrategy paid an aggregate price of $4.17 billion at an average price of $29,803 per unit. At current market prices, its holdings are worth about $4 billion. This indicates that it is yet to break even after suffering significant losses last year due to the harsh bear market.

MicroStrategy was one of the first publicly-listed companies to add Bitcoin reserves to its balance sheet. From August through September 2020, it purchased $425 million worth of the asset — and has continued accumulating in 2023.

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Since MicroStrategy started investing in Bitcoin, several other major U.S. companies like Tesla and Square have followed its lead. Still, with over $4  billion in reserves, MicroStrategy is the biggest corporate Bitcoin owner by some distance.

Bitcoin was trading hands at $28,317 at press time, up 0.15% as investors remain cautious about the future after weeks of banking uncertainty. BTC is targeting a surge above the $30,000 psychological resistance level in the near term despite the industry currently facing one of the toughest crackdowns in its history. 

BTCUSD Chart via TradingView
BTCUSD Chart via TradingView

Crypto trader Bob Loukas predicts that bears will be silenced for good once the pioneer cryptocurrency smashes the $34,000 mark.