MicroStrategy buys another 18,300 Bitcoins as prices rise

• MicroStrategy announced its latest purchase of 18,300 Bitcoin tokens for $1.11 billion.
• This brings his total holdings to 244,800 BTC, worth $14 billion.
• MicroStrategy made the acquisition by selling some of its stock.

MicroStrategy CEO Michael Saylor announced on Friday that the company purchased an additional 18,300 BTC for $1.11 billion at $60,408 per Bitcoin. The company now holds 244,800 BTC, valued at $14 billion.

MicroStrategy is buying more Bitcoin

Business intelligence firm MicroStrategy disclosed its latest purchase of 18,300 Bitcoin in an X post on Friday. The company now holds 244,800 BTC, extending its lead as the top Bitcoin holder among public companies.

MicroStrategy made its most recent purchase of 18,300 BTC at an average price of $60,408 per BTC, totaling $1.11 billion. The announcement revealed that the company has seen a 17% gain in its Bitcoin holdings since the start of the year.

MicroStrategy began acquiring Bitcoin in 2020 after shifting its corporate treasury strategy to include the leading cryptocurrency as its primary asset. The company has been aggressively acquiring the digital asset for the past four years based on Michael Saylor’s view that Bitcoin serves as a store of value and a hedge against inflation.

MicroStrategy’s latest acquisition was sponsored by funds raised through the sale of its shares. Details of the acquisition, including fees and exchanges, were disclosed in a Form 8K filed with the Securities & Exchange Commission (SEC).

Following the announcement, Bitcoin price rose 3% in the past 24 hours, extending weekly gains to 11.6%. Bitcoin’s latest surge may be due to a drop in Bitcoin exchange reserves and rising stablecoin reserves, according to CryptoQuant data.

BTC exchange reserve

The rise of the stablecoin and the fall in the Bitcoin exchange reserve point to the potential for increased buying pressure and higher prices.