Bitcoin Rebounds as MicroStrategy Continues Accumulation Surge

Bitcoin has rebounded to $64,000 USD after dropping to $61,000 USD just a day prior. Despite encountering difficulties following the Halving event, major organizations continue to maintain steady Bitcoin accumulation.

In April alone, MicroStrategy acquired an additional 122 Bitcoins, valued at around $7.8 million USD. The most recent purchase transaction has elevated the company’s total Bitcoin holdings to 214,400 BTC. This news was disclosed alongside MicroStrategy’s Q1 income report. The entirety of BTC holdings was acquired at an average price of $35,180 USD per Bitcoin.

MicroStrategy’s Chief Financial Officer, Andrew Kang, stated: “We have purchased an additional 25,250 Bitcoins since the end of Q4, marking the 14th consecutive quarter of Bitcoin additions to our balance sheet.” Kang emphasized the importance of the company’s Bitcoin strategy, operational structure, and focus on technological innovation in creating value for stakeholders.

As of March 31, 2024, the company’s Bitcoin market value stands at $15.22 billion USD, compared to the initial cost basis of $7.535 billion USD. With such significant profit margins, MicroStrategy currently has no plans to divest its Bitcoin holdings.

Related: Bitcoin Rebounds to $63,500 with Positive On-Chain Signals

The company noted the substantial contribution of Bitcoin ETF funds in driving Bitcoin price growth since January. These ETF funds have propelled institutional demand for Bitcoin to new heights and have further encouraged the establishment of clearer regulations.

Despite the challenges posed by Bitcoin’s volatility, MicroStrategy’s consistent accumulation strategy reflects its confidence in Bitcoin’s long-term potential. The company’s strategic approach, coupled with market developments, positions it as a key player in the evolving cryptocurrency landscape.