MicroStrategy Purchases Additional 12,333 Bitcoins for $347 Million
Under the supervision of its last CEO Michael Saylor, MicroStrategy purchased around 141,000 Bitcoins. However, the business intelligence firm has recently decided to acquire an additional 12,333 Bitcoins. The organization reportedly spent $347 million to make the purchase.
The average purchase price of the latest purchase spree is $28,136 per unit. These purchases were made during the period of April and June. The records of the purchase are confirmed using a formal filing submitted by the organization to the Securities and Exchange Commission.
With the latest purchases included the new total Bitcoin holdings of MS have raised to 152,333 coins. The total value of the MS Bitcoin reserves is estimated to be around $4.6 billion in regard to its current price tag of $30,300.
Meanwhile, the average price of the total Bitcoin reserves of the firm stands at $29, 668 per Bitcoin unit. This price is inclusive of both fees such as transaction charges and other miscellaneous expenses.
The last Bitcoin acquisition at MS happened two months ago when the company bought around 1,045 Bitcoins for a total of $23.9 million in April.
The former CEO of the firm Michael Saylor has remained one of the outspoken and visible advocates of Bitcoin adoption. Under his reign, the firm has continued its journey to increase its Bitcoin holdings.
The new CEO of the firm Phong Le has maintained recently that as the virtual currency trading dynamics have continued to improve the Bitcoin strategy of the firm remains steadfast. Since the announcement of the Black Rock spot ETF application, Bitcoin prices have shown a remarkable price recovery.
There are some speculations that many of the big financial giants are aiming to venture into the top crypto territory such as VanEck, Fidelity, JP Morgan Chase, and Goldman Sachs to name a few.
On the other hand, MS has continued its plan to gradually invest in more Bitcoins with reports of improved financial earnings. For the first quarter of the year, the firm reported a net income of $461.2 million while it suffered a loss of $249.7 million for Q1 last year.
At the same time, the firm also remained in losses valued at $249.7 million during the 4th quarter of 2024.
US House Committee to Pass Stablecoin Regulatory Bill in July
The congressional committee of House representatives is busy drafting new regulatory rules for cryptocurrencies. Chairperson Patrick McHenry R-NC has shared plans for a new meeting to discuss amendments in the existing legislation with regard to cryptocurrencies.
These new changes are directed toward addressing the transition of securities into commodities that have inherently lower regulatory implications. At the same time, the chairperson of the House Financial Services Committee also plans to introduce market structure provisions.
The bill in question has been drafted by McHenry in tandem with Representative Glenn Thompson R-Pa. Thompson chairs the House Agriculture Committee. McHenry has scheduled the meeting on Wednesday which coincides with the regular oversight hearing of Fed Chairperson Jerome Powell.
The committee is also planning to discuss another bill during the meeting regarding the stablecoin framework. The stablecoin bill has been authored by McHenry and representative French Hill R-Ark.
During the meeting, the committee members are going to learn about recent edits made in the bills and conduct a vote for approval. Once passed by the committee, the bill will be put for a vote among all the House of Representatives.
