Resume:
- MicroStrategy added to its Bitcoin coffers with a $29.3 million BTC purchase, per SEC filing starting April 4.
- The business intelligence company has accumulated 1,045 since March 24 at an average price of $28,016 per BTC.
- Michael Saylor’s company is the largest corporate BTC holder with 140,000 tokens, about 0.66% of Bitcoin’s total supply of 21 million coins.
Business software company MicroStrategy collected more Bitcoin Spent tens of millions of dollars since March to stack satoshis as crypto’s top coin hits $30,000.
A filing with the U.S. Securities and Exchange Commission (SEC) dated April 4 revealed that Michael Saylor’s company spent $29.3 million to purchase 1,045 BTC. The latest Bitcoin purchase was won since March 24 at an average price of $28,016 per BTC.
The company and its subsidiaries are the largest corporate holders of Bitcoin with 140,000 BTC worth approximately $4.17 billion. The company started buying BTC in August 2020 and held more than 131,000 Bitcoins by December 2022.
Saylor’s company received a $205 million loan as collateral in crypto’s largest coin – BTC, through its subsidiary MacroStrategy. The loan was issued in March 2022 by the troubled American bank Silvergate. MicroStrategy paid off the loan early at a 22% discount shortly after Silvergate suffered a bank run and decided to liquidate his business.
Along with the loan repayment, MicroStrategy also purchased 6,455 BTC worth $150 million at an average price of $23,238 per Bitcoin.
Share price of MicroStrategy (MSTR) fell about 3% after the SEC filing was disclosed. Bitcoin’s price fell below $28,000 following the news, a phenomenon that supposedly happens every time Saylor’s company announces a new BTC purchase.
Saylor Dumps CEO Role, Focuses on MicroStrategy’s Bitcoin Plan
In 2022, Michael Saylor resigned as CEO of MicroStrategy amid an exodus of C-suite executives at crypto-linked companies. Saylor stepped down to focus on the company’s Bitcoin plan, the BTC maxi explained to the crypto community after the announcement.
MicroStrategy was already one of the largest holders of Bitcoin at the time. Now the company controls 0.66% of BTC’s total supply of 21 million. This makes Saylor’s company the largest corporate holder of Bitcoin by a margin.