In a filing with the Securities and Exchange Commission on Wednesday, the business software company established by Bitcoin enthusiast Michael Saylor revealed that it had bought 1,045 Bitcoin for approximately $29.3 million in cash, or an average price of nearly $28,016 per coin.
According to a tweet on Wednesday by Saylor, MicroStrategy's most recent acquisition brings the company's total Bitcoin holdings to roughly 140,000, valued at about $4 billion and acquired at an average price of $29,803.
Crypto Saylor and MicroStrategy, both of which have long been cryptocurrency hodlers, were quickly congratulated on Twitter, especially by Bitcoin enthusiasts.
According to an SEC filing, the business sold its first batch of Bitcoin in December, selling 704 units for an average price of $16,776, netting $11.8 million.
MicroStrategy's multimillion-dollar purchase was made between March 24 and April 4, which coincided with the U.S. government's large auction of $215 million in Bitcoin that had been seized from an alleged hacker in a case involving the Silk Road online illegal market.
James Zhong, the defendant, was charged with wire fraud for allegedly getting 50,000 Bitcoin from the Silk Road marketplace unlawfully; he later entered a guilty plea. The digital assets were taken by the government, and as of Wednesday, just over 41,000 of them were still in possession. They were valued more than $1 billion.
Since the beginning of the year, Bitcoin has been on a tear, rising 73% in the first quarter of 2023, its highest quarter in two years, according to CoinDesk.
In the first quarter, the S&P 500, Dow Jones Industrial Average, and Nasdaq were all outpaced by the most popular cryptocurrency in the world, which some analysts claimed had reclaimed its position as a store of value comparable to gold.
According to CoinMarketCap, the price of bitcoin was just below $28,000 on Wednesday, having dropped 0.5 percent in the previous day.