Today on the 25th of September 2023, Michael Saylor, the Bitcoin believer and the CEO of MicroStrategy announced that the company has bought an additional 5,445 Bitcoins in recent times. In this short article, we will look into some of the numbers regarding MicroStrategy, and its Bitcoin holdings and also talk about the current market conditions. So, let's dive in...!!
MicroStrategy BTC Holdings
MicroStrategy is one of the listed companies that are very well known for their bold Bitcoin purchases and huge Bitcoin holdings. As per the August 2023 report, MicroStrategy was holding around 152,800 BTC, including the recent purchase of 12,800 BTC. Today, on the 25th of September MicroStrategy disclosed their Bitcoin holdings through Form 8-K.
As per Form 8-K, MicroStrategy has purchased an additional 5,445 BTC from the 1st of August to the 24th of September, worth approx $147.3 million with an average value of $27,053. With this updated report, now MicroStrategy holds 158,245 BTC in total, worth $4.68 billion. And the most important part is, each Bitcoin in the MicroStrategy holding has an average value of $29,582.
Considering the current market value of the Bitcoin, which is around ~$27,072, means that the entire MicroStrategy's Bitcoin position is at a loss of ~8.48%, which is a huge amount in terms of dollars. It is interesting to see that MicroStrategy is aggressively buying Bitcoin in such uncertain market conditions. Honestly, I am not sure on what basis or on what data MicroStrategy is spending such a large amount of cash on purchasing Bitcoin. But the good thing is that they are still excited by the market depreciation and filling their bags with Bitcoin.
CZ on MicroStrategy Bitcoin Shopping
As Michael Saylor, tweeted about this large purchase of Bitcoins by MicroStrategy, lots of reactions are seen from the crypto community, including CZ, the founder of Binance. CZ quoted Saylor's tweet as follows-
As we all know, Binance US is facing resistance from the US SEC, and there is plenty of negative trend against Binance as well, most probably due to the previous bankruptcies in centralized crypto space like FTX and Celsius. Amid these conditions, CZ is looking to comment on the strength of hands is an interesting thing to see!
Download Microstrategy's Form 8-K PDF
End Note
I agree that it is a little inconvenient to use decentralized platforms compared to centralized platforms, and that surely needs to be changed, but it is also important to consider the risks of centralized platforms in the crypto space, whether it be Binance or any other exchange or lending platform. Try to keep your crypto in a more secure and decentralized manner if you're not actively trading your coins.
And talking about MicroStrategy's Bitcoin holdings, I am sure no one has the proper justification, and by proper I mean backed by data, for this aggressive purchasing of Bitcoin. The only time can answer, whether it is an extraordinarily good decision or incredibly poor decision!
It's been little long time after my previous article, been lot happening in non-crypto life :) really thanks for your support!!
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