Nasdaq-listed MicroStrategy (MSTR), renowned as the global corporate leader in Bitcoin holdings, recently announced purchasing an additional 5,445 BTC in August and September. The purchase, worth $147.3 million, was made at an average price of $27,053 per Bitcoin, including fees and expenses as cataloged by MicroStrategy in their latest file to the Securities and Exchange Commission (SEC).
When the total sum is examined as of September 24, 2023, it yields that MicroStrategy, along with its subdivisions, collectively possesses around 158,245 bitcoins. These Bitcoins were integrated at an aggregate cost of nearly $4.68 billion, maintaining an average expense rate of roughly $29,582 per coin, fees and expenses accounted.
The documented filing also showcased MicroStrategy’s transactional accord struck last month with Cowen and Company, Canaccord Genuity and Berenberg Capital Markets. These partners served as selling agents and assisted the former in selling shares worth a staggering $750 million. The agents succeeded in initiating and finalizing the sale of a combined total of 403,362 shares, which accumulated net proceeds of around $147.3 million for MicroStrategy.
While this move by MicroStrategy displays an unabridged commitment to Bitcoin, the firm also tasted the bitter side of the cryptocurrency market. Unfortunately, MicroStrategy’s Bitcoin holdings underwent an unrealized loss surpassing $600 million in August, syncing with Bitcoin’s drastic price tumble to nearly $25,000. But, the firm’s chairman, Michael Saylor, epitomized resilience and adherence to the company strategy, voicing no intentions to sell its holdings.
In his words from a recent CNBC interview: “Our strategy is to buy and hold Bitcoin, and the key for us is to be consistent, transparent and responsible in the pursuit of that strategy”. His stance brushes off skepticism and introduces an intriguing layer to the volatile crypto market. Evidently, Bitcoin’s allure transcends the underlying uncertainties and the conundrum of its price fluctuations.
Source: Cryptonews
