The most recent SEC filing shows that MicroStrategy has spent about $150 million buying 6,455 Bitcoins to add to its cryptocurrency holdings.
According to a new filing with the SEC, business intelligence software provider MicroStrategy has purchased 6,455 Bitcoins at an average price of $23,238 per, for a total investment of nearly $150 million.
The current value of the company’s Bitcoin holdings, acquired at an average price of $4.14 billion, is around 138,955 Bitcoins.
MicroStrategy said in an SEC filing that it has voluntarily prepaid its $161 million Silvergate loan, due on March 23, 2025. MicroStrategy’s fully-owned subsidiary used Bitcoin holdings as security for the loan.
MicroStrategy initially invested in the most prominent cryptocurrency as a reserve asset in 2020, when previous CEO Michael Saylor led the company.
This decision was made to hedge against inflation and currency depreciation. Even though the firm suffered considerable losses in 2022, Saylor and MicroStrategy continued to invest in the company’s principal digital asset.
At the time of publication, Bitcoin is trading on the Bitstamp market at $27,936.35, with MicroStrategy influencing its performance.
MicroStrategy continues to increase its Bitcoin holdings, but it remains to be seen if its continued investment plan in the most valuable digital asset can be profitable in the long term.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.