MicroStrategy buys extra 12,333 BTC, reserve at 152,333

The bitcoin-obsessed company, MicroStrategy, added an extra 12,333 BTC to its balance sheet on June 28, 2023. The company under the leadership of Michael Saylor as Chairman bought the extra BTC at “$347.0 million at an average price of $28,136” each. 

This made MicroStrategy own a total of 152,333 BTC, all acquired at approximately $4.52 billion at an of  $29,668 for each as of June 28, 2023.

MicroStrategy is an American enterprise business intelligence (BI) application software vendor. It was founded in 1989 by Michael J. Saylor, Sanju Bansal, and Thomas Spahr. Its headquarters is located at Tysons Corner, Virginia, in the Washington metropolitan area.

MicroStrategy provides a suite of software products and services that enable businesses to collect, analyze, and visualize their data. MicroStrategy has also been supportive of Bitcoin and the development of the Lightning Network, a layer-2 scaling solution for Bitcoin. 

In 2021, the company purchased $425 million worth of Bitcoin and announced plans to use the Lightning Network to facilitate payments to its customers and employees. 

At the Bitcoin-only event organized by the company, it also announced new products it’s launching to help bring businesses and legacy institutions into the Bitcoin ecosystem and to use Lightning Network.

Speaking about legacy institutions and Bitcoin, there has been increased interest in the largest cryptocurrency, based on market capitalization, in the world. 

BlackRock, WisdomTree, Invesco, and Valkyrie are clamoring for Bitcoin ETFs. While HSBC was granted permission to offer bitcoin ETFs in June 2023.

The attention given to Bitcoin by these legacy organizations is seen as a possible driver for the next bull rull as the next Bitcoin halving is coming in less than one year’s time.

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