MicroStrategy's Bitcoin rally past the $100,00 mark sparks a fresh round of buying

MicroStrategy revealed a new purchase of 4,020 Bitcoin between May 19 and 23, totaling $427.1 million. The average price per coin was $106237

MicroStrategy (NASDAQ:MSTR) disclosed a substantial purchase of 4,020 Bitcoin (BTC) mined over a five-day period, ranging from May 19 to 23. The total value of the acquisition is $427.1 million, with an average price of $106,237 per Bitcoin.

The purchases come just ahead of Bitcoin’s all-time high of over $110,000 on May 22, continuing CEO Michael Saylor’s strategy of accumulating Bitcoin regardless of market peaks.

The latest buy brings MicroStrategy’s total holdings to 580,250 BTC, currently worth over $63 billion. So far, the firm has spent about $40.61 billion on its Bitcoin stash, averaging $69,979 per coin.

This marks the company’s fourth BTC acquisition in May alone, reaffirming Saylor’s commitment to long-term accumulation.

In late 2024, Saylor declared he would keep buying Bitcoin at the top “forever,” a stance the company appears to maintain despite price volatility and growing regulatory scrutiny.

Bankless founder and host William M. "Bill" Lee, Jr. noted the significance of MicroStrategy's consistent Bitcoin purchases, especially in the context of the cryptocurrency's price resilience.

"It’s worth noting that MicroStrategy has been consistently buying Bitcoin even as the price has risen to all-time highs. This is a testament to the company's long-term vision for Bitcoin and its belief in the cryptocurrency's potential for future growth."

Alongside the Bitcoin purchases, filings show multiple share sales by MicroStrategy executives.

Director Jarrod Patten sold 2,650 MSTR shares between May 16 and 21, amounting to nearly $1.1 million. Since late April, Patten has offloaded 17,050 shares, netting him around $6.7 million.

Chief financial officer Andrew Kang also sold 2,185 shares on May 23, valued at $719,447, according to a separate filing.

The insider transactions coincide with MicroStrategy’s large Bitcoin purchases, potentially signaling diverging views within the company.

As corporate treasuries increasingly integrate BTC into their long-term strategies, the market is undergoing a fundamental shift.

Tracy Jin, COO of MEXC, highlighted how institutional momentum is reshaping Bitcoin’s trajectory and what that means for the broader crypto ecosystem in the second quarter.

Jin forecasts that if institutional and corporate buying pressure continues, Bitcoin could soon break through key resistance levels around $109,500 to $112,000 and aim for $140,000 by late summer.

However, if macroeconomic pressures dampen corporate demand, BTC could test support levels near $106,000 to $107,000, with a deeper drop toward $94,000 if those levels fail to hold.

Despite Bitcoin’s gains, MicroStrategy’s stock hasn’t followed suit, currently down 6% in the past week. The stock hit a record close of around $474 on November 19, 2024.

Investor sentiment has soured following a class-action lawsuit filed on May 19, which alleges the company misled shareholders about its Bitcoin investment strategy.

The complaint, which seeks damages for those impacted by what it claims was securities fraud, is focused on a statement made by MicroStrategy in April 2025 regarding its Bitcoin investment strategy.

The legal battle adds a layer of risk for shareholders even as Bitcoin continues to rally. Saylor’s Strategy remains one of the most aggressive institutional Bitcoin buyers.

While its crypto holdings are swelling in value, the firm now faces the dual pressure of shareholder litigation and a falling stock price.