On-Chain Update: MicroStrategy Adds More Bitcoin
MicroStrategy (MSTR) recently purchased another 2,486 BTC for approximately $168.4 million. This brings the company’s total holdings to 717,131 Bitcoin, making it one of the largest corporate holders of BTC.
Here are the key points:
- Average Cost Basis: Around $76,027 per BTC
- Current Market Price: Near $68,000
- Unrealized Position: Roughly $5.7B below their average entry, based on current prices
To fund part of the purchase, the company raised capital through stock issuance. Instead of reducing exposure during a drawdown, they chose to increase their position.
From a market structure perspective, this approach reduces the amount of Bitcoin available on exchanges, as coins move into long-term corporate custody rather than remaining in liquid circulation.
Whether one agrees with the strategy or not, it reflects a long-term allocation model rather than short-term trading.
What do you think about corporations using equity to accumulate Bitcoin during market pullbacks ?
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