In a June 28 announcement, CEO MicroStrategy Michael Saylor said his company spent $347 million to buy 12,333 BTC between April 29 and JUne 27. MicroStrategy revealed that it sold $337 million of MSTR shares to investors in order to have money for this purchase.
MicroStrategy now holds 152,333 Bitcoin worth $4.52 billion at current prices. The average price was $29,668 including fees. With the price of Bitcoin at the time of writing above $30,000, MicroStrategy is getting a return on its investment but not much.
This was the third time MicroStrategy bought Bitcoin this year 2023. MicroStrategy’s comeback comes after the world’s largest cryptocurrency rallied strongly in the second half of June, even hitting the highest level in 2023 at $31,400.
The reason behind Bitcoin price’s increase is that many US financial giants have filed for a Bitcoin Spot ETF, including BlackRock, WisdomTree, Invesco and Valkyrie. However, Bitcoin did not fluctuate much following the news of the latest Bitcoin purchase from MicroStrategy.