In the latest announcement, billionaire Michael Saylor’s MicroStrategy said the company spent $147.3 million to buy 5,445 Bitcoin with an average purchase price of $27,053. Thus, MicroStrategy is now holding 158,245 Bitcoin ($4.68 billion), which was acquired at an average purchase price of roughly $29,582 per coin.
This is the fifth time MicroStrategy has bought Bitcoin this year after March ($150 million), April ($29.3 million), June ($347 million) and July ($14.4 million), with a total value of $682 million.
In a filing with the SEC in early August, MicroStrategy revealed it plans to buy more bitcoin with proceeds from sales of its common stock of up to $750 million.
Previously in an interview with Bloomberg on June 13, Michael Saylor said recent enforcement actions by US regulators have made it clear that the crypto industry is destined to be rationalized down to a bitcoin-focused industry. It is the only cryptocurrency not on the list of tokens working as securities of the SEC.
Saylor said US regulators “don’t have any love” for stablecoins, tokens or crypto-based derivatives. Saylor predicted that the large price increase will be sparked by cryptocurrency exchanges.
Bitcoin on September 25 continued showing signs of decline as it approaches the resistance level of $26,000. The news that MicroStrategy bought a large amount of Bitcoin did not cause much change in BTC price. With the current BTC proce, MicroStrategy’s entire Bitcoin investment portfolio is losing nearly 12%.