MicroStrategy Enhances Bitcoin Portfolio, Stash Soars to $10.28 Billion

By: Eva Baxter

Business intelligence giant, MicroStrategy, has bolstered its Bitcoin portfolio with an assertive purchase of 3,000 BTC, costing around $155 million within just ten days. This aggressive acquisition has elevated the company's total Bitcoin holdings to approximately 193,000 BTC, procured for an estimated $6.09 billion at an average price per BTC of $31,544.

The purchase positively influenced early trading for the company's MSTR shares, marking around a 10% surge. MicroStrategy's Bitcoin reserves are now almost 25,000 BTC less than the US government's holdings, drawing the firm closer to controlling a total 1% of the flagship digital asset supply. The company funded the acquisition by selling shares and from excess cash available at the end of the financial year 2023.

On the other hand, the company faced a security breach on their official social media platform, which was exploited to promote a fake airdrop of an Ethereum-based MSTR token.

MicroStrategy's unwavering approach towards Bitcoin investments, even amidst soaring prices, underscores their bullish stance towards the leading cryptocurrency.