Renowned Bitcoin whale MicroStrategy has injected an additional $623 million in BTC at a time when the cryptocurrency is undergoing severe price correction.
MicroStrategy Chairman Michael Saylor disclosed the firm’s new Bitcoin acquisition in a post on X a few hours ago. Per the disclosure, MicroStrategy has taken store of an additional 9,245 Bitcoin.
The firm orchestrated the purchase at an average price of $67,382 per BTC, bringing the monetary value of the new investment to approximately $623 million.
MicroStrategy has acquired an additional 9,245 BTC for ~$623.0M using proceeds from convertible notes & excess cash for ~$67,382 per #bitcoin. As of 3/18/24, $MSTR hodls 214,246 $BTC acquired for ~$7.53B at average price of $35,160 per bitcoin. https://t.co/oeYJGgiuy0
— Michael Saylor⚡️ (@saylor) March 19, 2024
MicroStrategy Buys Bitcoin Dip with $623M
Saylor noted that the $623 million fund invested in Bitcoin came from earnings from convertible notes and excess cash. Notably, this new massive Bitcoin acquisition comes amid BTC witnessing successive days of price declines.
Five days ago, Bitcoin set a new all-time high of $73,750. However, 24 hours later, the asset tanked to a low of $65,630. Meanwhile, within the last 24 hours, Bitcoin flashed a false sign of recovery, briefly rallying to $68,897, only to collapse 10.25% to its current daily low of $62,490.
Interstingly, MicroStrategy has disregarded the negative sentiment following Bitcoin’s price correction and invested over half a billion dollars more to its already staggering Bitcoin portfolio.
MicroStrategy’s Bitcoin Portfolio
Following the new acquisition, MicroStrategy now commands 214,246 BTC, which it acquired for approximately $7.53 billion at an average price of $35,160 per BTC.
In parallel, the prominent firm’s Bitcoin portfolio is now worth about $13.5 billion at press time. This figure translates to an outstanding 78% unrealized profit of approximately $5.92 billion.
For the uninitiated, MicroStrategy Incorporated is a U.S.-based company focused on cloud-based services and mobile software.
The firm has been accumulating BTC nearly every month since September 2020. Interestingly, all of its Bitcoin investments have been profitable, except its two most recent purchases.
MicroStrategy’s Tuesday announcement comes just a week after the firm disclosed buying 12,000 BTC with $821.7 million. Ultimately, these unyielding purchases illustrate the firm’s long-term view of the asset class, disregarding temporary price fluctuations.
Besides, Kris Marszalek, the CEO of Crypto.Com, has recently stressed the view of prominent investors like MicroStrategy about Bitcoin:
“This is an asset that you want to hold for decades, not for days or weeks.”
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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