Despite a recent decline in Bitcoin prices, Michael Saylor’s company has continued its cryptocurrency acquisition strategy. The firm made several purchases in July, increasing its Bitcoin holdings even further. According to a recent announcement, the company added to its Bitcoin reserves before the end of July, albeit in smaller amounts than previous purchases. What is the total amount of Bitcoin held by the company?
Bitcoin Accumulation Continues
During the second quarter, the firm acquired 12,222 BTC at a total expenditure of $805.2 million. The average purchase price was $65,882 per Bitcoin, which means the newly acquired BTC is currently at a loss. As of July 31, 2024, the company’s total Bitcoin holdings reached 226,500, valued at approximately $8.3 billion.
What is the Financial Impact?
MicroStrategy’s average cost for all its Bitcoin holdings stands at $36,821 per BTC. This figure indicates a significant profit at current market prices. In the latest report, MicroStrategy President and CEO Phong Le expressed confidence in their Bitcoin strategy, noting that their Bitcoin holdings now reflect a market value 70% higher than their cost basis. Additionally, the bipartisan support seen at the Bitcoin 2024 Conference in Nashville has further bolstered their optimism.
Key Insights
- The company remains committed to accumulating Bitcoin despite price volatility.
- As of July 31, 2024, the firm’s Bitcoin holdings total 226,500 BTC, valued at $8.3 billion.
- The average acquisition cost of $36,821 per BTC suggests a strong profit margin.
- Bipartisan support at recent conferences boosts the company’s confidence in Bitcoin adoption.
In conclusion, Michael Saylor’s company continues to show unwavering confidence in Bitcoin’s long-term value, despite short-term price fluctuations. With significant holdings and a profitable cost basis, the firm’s strategy appears robust and well-positioned for future gains.