MicroStrategy acquires additional 18,300 Bitcoin as prices see an uptick

MicroStrategy CEO Michael Saylor announced on Friday that the company has acquired an additional 18,300 BTC for $1.11 billion at $60,408 per Bitcoin. The company now holds 244,800 BTC, valued at $14 billion.

MicroStrategy acquires more Bitcoin

Business intelligence firm MicroStrategy revealed its latest acquisition of 18,300 Bitcoin in an X post on Friday. The company now holds 244,800 BTC, expanding its lead as the top holder of Bitcoin among public companies.

MicroStrategy made its latest 18,300 BTC purchase at an average price of $60,408 per BTC, amounting to $1.11 billion in total. The announcement revealed that the company has seen a 17% gain on its Bitcoin holdings since the beginning of the year.

MicroStrategy began acquiring Bitcoin in 2020 after it shifted its corporate treasury strategy to include the top cryptocurrency as a primary asset. The company has aggressively acquired the digital asset over the past four years, based on Michael Saylor's opinion that Bitcoin serves as a store of value and a hedge against inflation.

MicroStrategy's latest acquisition was sponsored by funds raised through selling its shares. The details of the purchase, including the fees and exchanges, were outlined in a form-8K filing made to the Securities & Exchange Commission (SEC).

Following the announcement, Bitcoin's price has risen 3% in the past 24 hours, stretching its weekly gains to 11.6%. Bitcoin's latest rise may be due to a decrease in Bitcoin Exchange reserves and rising stablecoin reserves, per CryptoQuant data.

BTC Exchange Reserve

Rising stablecoin and decreasing Bitcoin exchange reserve indicate a potential for increased buying pressure and higher price upside.