- MicroStrategy (MSTR) added 9,245 Bitcoin (BTC) in its treasury on Monday to the tune of $623 million.
- This brings up the company’s overall supply to 214,246 BTC at a $7.53 billion investment.
MicroStrategy Grows Its Haul to 214,246 BTC
MicroStrategy made a monumental Bitcoin purchase once again. According to its Executive Chairman Michael Saylor, the Bitcoin development company just added 9,245 BTC to its coffers for around $623 million at an average price of $67,382 per coin. The funds were raised from the firm’s sale of convertible notes last week and excess cash.
The latest acquisition magnifies the total supply of the firm to 214,246 BTC as of March 18, 2024. This puts its overall investment in the digital asset at $7.53 billion within an average price of $35,160 per Bitcoin.
Bitcoin Now
The latest move of MSTR doesn’t appear to be nudging the Bitcoin market like it used to. As of this writing at 1:00 PM UTC on Tuesday, which is around an hour after Saylor’s announcement, the premier cryptocurrency remains down by 7% on the 24-hour chart with a price of $63,300. It’s likely that BTC is still reeling from the recent flash crash at Bitmex.
Nevertheless, the trading volume of BTC went up by 70% within the period as $69.14 billion worth of the coin was transacted as prices moved between a $62,478.44 low and a $68,552.94 high.
MicroStrategy’s Unrealized Gains
Before anything else, let’s be clear that MicroStrategy does not plan on selling its Bitcoin supply anytime soon. This has been repeatedly emphasized by Saylor during interviews, and it was clearly evident when the company didn’t budge despite the series of all-time high (ATH) records broken by BTC in the past consecutive weeks. The latest of which was the $73,750.07 top achieved last Thursday.
For educational purposes, however, it should be noted that MSTR now sits on $13.56 billion worth of Bitcoin with an unrealized gain of $6.03 billion. This could have been higher last week if it sold its previous 205,000 BTC haul right at the peak of $72K per BTC, which would have earned it $7.9 billion.
Where is Bitcoin Heading?
Some experts like Rekt Capital warned that Bitcoin may be on its way to a correction after showing signs of overheating from its series of ATHs. The crypto asset’s past behavior 14 to 28 days prior to each halving event in 2016 and 2020 also reinforced its assumptions.
Nonetheless, Rekt and the consensus see the impending dip as a healthy movement for the world’s leading crypto by market cap. For them, the retracements could only serve as an ideal launch pad for Bitcoin once it hits a new level of scarcity post-halving.