MicroStrategy, a business intelligence firm and significant Bitcoin (BTC) investor, has announced the acquisition of another large stash of cryptocurrency, providing a bullish signal to the market.

On September 25, Michael Saylor, co-founder and executive chairman of MicroStrategy, came to X (previously Twitter) to announce the firm's purchase of 5,445 BTC. The coins were purchased in cash for $147.3 million at an average price of $27,053 per BTC.

MicroStrategy and its subsidiaries acquired the amount between August 1 and September 24, according to a Form 8-K filing with the United States Securities and Exchange Commission.

According to the statement, as of Sept. 24, MicroStrategy and its subsidiaries held an aggregate of approximately 158,245 BTC, which was obtained at an average purchase price of approximately $29,582 per coin, inclusive of fees and expenditures. The entire purchase price for MicroStrategy's Bitcoin holdings is $4.68 billion.

The fresh buy comes as Bitcoin has been trading sideways at roughly $26,000 in recent weeks. After briefly reaching $28,000 on August 29, Bitcoin fell as low as $25,000 on September 11.

According to CoinGecko data, Bitcoin is currently trading at $26,081, down 1.9% in the last 24 hours. The cryptocurrency has also dropped by almost 4% in the last seven days.

MicroStrategy's latest acquisition reinforces the company's strong position on Bitcoin. In June 2023, the corporation paid $347 million for 12,333 BTC at an average buying price of $29,668 per coin.

MicroStrategy declared its first profitable quarter since 2020 in Q1 2023, thanks to a one-time income tax gain. In the following quarter, the company maintained profitability, reporting $22.2 million in net income in early August.

Sources:

https://cointelegraph.com/news/microstrategy-buys-5-4k-bitcoin-for-147million

https://www.microstrategy.com/content/dam/website-assets/collateral/financial-documents/financial-document-archive/form-8-k_9-25-2023.pdf

https://www.coingecko.com/en/coins/bitcoin