MicroStrategy, a software company that has been long making headlines for its aggressive bet on Bitcoin, has made another $29.3 million purchase when the crypto industry experienced a brief moment of shock as the U.S. Commodity Futures Trading Commission brought a case against crypto exchange Binance and its CEO Changpeng “CZ” Zhao.
Between March 24 and April 4, MicroStrategy purchased another 1,045 BTC worth approximately $29.3 million at $28,016 per bitcoin.
Read also: Long-term BTC holders amass $450B in BTC, per Glassnode
On the news of the purchase, the company’s (NASDAQ: MSTR) share price rose 1.3% in pre-market trading, as traders increasingly view it as a proxy for investing in Bitcoin. MicroStrategy’s stock is up 105% year-to-date, while Bitcoin is up over 72%.
“As of April 4, 2023, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 140,000 bitcoins, which were acquired at an aggregate purchase price of approximately $4.17 billion and an average purchase price of approximately $29,803 per bitcoin, inclusive of fees and expenses,” the company’s filing with the SEC reads.
The news comes shortly after MicroStrategy’s lavish $150 million bitcoin purchase last week, when the company fully paid off its loan from the failed Silvergate Bank. As a result of ended credit agreement, MicroStrategy also got to reclaim the 34,619 BTC pledged as collateral to the loan.
