Michael Saylor's MicroStrategy adds to its bitcoin trove, purchasing 1,045 coins for $24 million
- MicroStrategy continued to build its bitcoin stash in early April, buying 1,045 coins.
- It bought the cryptocurrency for $24 million in its latest round of purchases.
MicroStrategy continued adding to its bitcoin basket through early in the second quarter of 2023, with its latest purchases bringing the value of total holding to about $4 billion.
The company bought 1,045 tokens for $23.9 million between March 24 and April 4, it said in a regulatory filing on Wednesday. The purchase was also highlighted by MicroStrategy CEO Michael Saylor to his 3 million followers on Twitter, noting the average price was $28,016 per bitcoin.
The latest moves added to the 6,455 bitcoins the company bought over five weeks between February 16 and March 23.
The tech company now holds 140,000 bitcoin, purchased for $4.17 billion at an average price of $29,803 for each digital coin.
With bitcoin at $28,170 during Wednesday's trading action, the value of its holding was roughly $3.94 billion.
While MicroStrategy has been on a run of bitcoin buying, prices have shot up since the start of the year. The price has soared about 67% year-to-date after a dismal 2022 that drove it down by 63%.
The broader cryptocurrency market fell below a $1 trillion valuation during last year's minefield of failures in the industry, including the high-profile collapse of crypto exchange FTX, the blow-up of stablecoin TerraUSD and bankruptcy filings for some crypto businesses.
The cryptocurrency market cap has since risen to $1.2 trillion as of Wednesday.