MicroStrategy, the business intelligence firm led by Bitcoin advocate Michael Saylor, has added another 1,045 Bitcoin to its corporate treasury, spending approximately $29.3 million at an average purchase price of $28,016 per coin. The acquisition, disclosed in a filing with the Securities and Exchange Commission on April 5, 2023, reinforces the company’s position as the largest public holder of Bitcoin in the world.
TL;DR
- MicroStrategy purchased 1,045 BTC for ~$29.3M between March 24 and April 4
- Average buy price: $28,016 per Bitcoin
- Total holdings now stand at 140,000 BTC, worth approximately $4 billion
- Cumulative average purchase price across all holdings: $29,803
- Purchase coincided with U.S. government selling $215M in seized Silk Road Bitcoin
A Relentless Accumulation Strategy
The Tysons Corner, Virginia-based company has been on a Bitcoin buying spree since August 2020, when it first announced its strategy of holding BTC as a primary treasury reserve asset. This latest purchase, executed between March 24 and April 4, brings MicroStrategy’s total Bitcoin stash to 140,000 coins—roughly 0.67% of all Bitcoin that will ever exist.
At current prices hovering near $28,000, the company’s total holdings are valued at approximately $3.9 billion. However, the cumulative average purchase price of $29,803 means the company is still slightly underwater on its investment overall, though the gap has narrowed considerably as Bitcoin staged a powerful recovery in the first quarter of 2023.
Saylor announced the purchase on Twitter, drawing immediate reactions from the Bitcoin community. “US gov sells, MicroStrategy buys,” one user wrote, capturing the irony of the timing. The U.S. government had offloaded approximately $215 million in Bitcoin seized from James Zhong, who pleaded guilty to wire fraud related to the Silk Road marketplace.
Noteworthy Context: A First Sale, Then Back to Buying
Interestingly, this purchase comes just months after MicroStrategy sold Bitcoin for the first time in its history. In December 2022, the company sold 704 BTC at an average price of $16,776, collecting $11.8 million. That sale, driven by tax optimization purposes, raised eyebrows in the community—but the company quickly returned to its accumulation playbook.
The March purchase period also followed a massive acquisition in which MicroStrategy bought 6,455 BTC, demonstrating that the firm has been consistently building its position even as the broader market recovers from the turmoil of 2022.
Bitcoin’s Q1 Rally Sets the Stage
The purchase was made against the backdrop of Bitcoin’s strongest quarter in two years. The leading cryptocurrency surged approximately 73% in Q1 2023, outperforming major stock indexes including the S&P 500, the Dow Jones Industrial Average, and the Nasdaq. Analysts pointed to a combination of factors driving the rally, including easing inflation concerns, banking sector instability that renewed interest in decentralized assets, and growing institutional adoption.
As of April 5, Bitcoin was trading just below $28,000, with a market capitalization exceeding $545 billion and 24-hour trading volumes surpassing $17 billion. The price stability around the $28,000 level suggested that the market was consolidating gains made during the quarter, potentially setting the stage for further upside.
Why This Matters
MicroStrategy’s continued Bitcoin accumulation sends a powerful signal to both institutional and retail investors. Despite being slightly below its average purchase cost, the company’s unwavering commitment to its Bitcoin strategy—even after briefly selling—demonstrates a long-term conviction that goes beyond short-term price movements. The fact that MicroStrategy now controls 0.67% of Bitcoin’s total supply also raises important questions about corporate concentration in what was designed to be a decentralized asset. As more companies follow MicroStrategy’s lead, the dynamics of Bitcoin ownership could shift significantly in the years ahead.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry risk, and readers should conduct their own research before making investment decisions.
saylor buying 1045 btc at 28016 while the US gov dumped 215M in seized silk road coins is the most poetic liquidity absorption in crypto history. he literally caught their bags
saylors averaging 29k across the whole stack and btc is at what now… guys a genius or the luckiest man alive
luckiest man alive is underselling it. he literally went all in on a thesis and its printing
140k btc at an average of $29,803. unreal conviction. most funds cant even hold through a 20% dip
Renata F. unreal is right. average of 29k and btc is at 77k. thats a 2.5x on billions. any fund manager would kill for those numbers
140k BTC at an avg of 29803. that cost basis is basically unbeatable now. patience rewarded
H. Okafor the cost basis argument only works if they never sell. Saylor’s entire thesis is hold forever which works until the board wants liquidity
trench_investor_ the hold forever thesis works because saylor structured the convertible debt so he basically cant be forced to sell. the design is the alpha not just the conviction
convertible_watch exactly. the debt structure prevents forced selling. everyone focuses on Saylor conviction but the financing engineering is the real moat
convertible_rat_ the convertible bond structure is underappreciated. MSTR basically gets zero interest BTC loans and if price dumps the bondholders eat it not shareholders
convertible_rat_ the convertible bond structure is genius. bondholders take the downside risk and MSTR gets zero-interest BTC loans. people focus on saylors conviction but the financing is the real weapon
2.5x on billions with zero hedging. at some point you cant call that luck anymore
the 140k btc number was wild back then. now they hold over 200k and people still call it reckless. at what point does conviction become proof of concept
tank_watcher_ the 200k+ number now makes 140k look small. people keep moving the goalpost on what counts as reckless. at some point you just admit the thesis worked
tank_watcher_ 140k BTC felt insane in april 2023. they are way past that now and the same people who called it reckless are quiet
conviction becomes proof of concept when your average entry is below the halving price. saylor bought the narrative before the market did
daniel at 28016 per coin average and now MSTR trades like a BTC proxy with a premium. conviction plus patience equals generational alpha
buying 1045 BTC at 28016 while the US gov was dumping 215m in seized coins. Saylor was literally absorbing government sell pressure lol
saylor_dca_ absorbing government sell pressure is a wild way to frame it but technically accurate. 1045 BTC at 28k while US dumps seized coins from silk road
Daniel K. buying below the halving price is the cheat code. everyone who averaged in during bear markets outperformed every fund manager
140k BTC at 29800 average while the US government was dumping 215M in seized coins at the same time. saylor was literally absorbing their sell pressure
sovereign_bid buying 1045 BTC at 28016 while the US treasury was dumping 215M in seized silk road coins is the most ironic liquidity event in crypto. saylor literally caught the governments bags
140k BTC at 29800 average and people still called it reckless. same people are quiet now that MSTR is one of the best performing stocks of the decade
bojan n 140k btc at 29800 avg was called reckless at the time. saylor was buying below the halving price while CT called him insane. conviction looks like genius in hindsight
cost basis of 29800 across 140k BTC and people called it reckless. that average is literally below the halving price. saylor bought the whole thesis at a discount