MicroStrategy Doubles Global BTC ETP Inflow After Purchasing $4.6B Worth of Bitcoin in a Week

Business intelligence firm MicroStrategy purchased a whopping $4.6 billion worth of Bitcoin within a single week.  The publicly listed company added 51,780 BTC

Business intelligence firm MicroStrategy (NASDAQ:MSTR) made a massive purchase of 51,780 BTC last week, bringing its total holdings to 331,200 BTC. This single purchase is double the global BTC ETP inflow over the same period.

The average purchase price for the newly acquired coins was $88,627 per Bitcoin, adding up to a total of $4.6 billion. This brings MicroStrategy's average purchase price to $49,874.

With the latest purchase, MicroStrategy now holds 1.6% of Bitcoin's total circulating supply, according to cryptocurrency analytics firm CryptoQuant.

This move is a significant departure from the company's previous strategy of purchasing smaller amounts of BTC over a longer period. The last time MicroStrategy purchased BTC was in June, when it added 4,167 coins to its coffers at an average price of $21,229 per coin.

MicroStrategy shares rose 0.17% in pre-market trading on Monday. Year-to-date, MSTR is up nearly 400% and trades at a significant premium to Bitcoin.

MicroStrategy’s large-scale purchases of Bitcoin have attracted attention and sparked discussion within the crypto community. Some speculate that MicroStrategy may be planning to sell a portion of its BTC holdings in the future to generate a profit.

However, MicroStrategy has not officially announced any plans to sell its BTC holdings. In the past, company executives have stated that they are in it for the long haul and have no intention of selling.

It is also worth noting that MicroStrategy's average purchase price is fast approaching the $50,000 mark. This could indicate that the company is slowing down its purchases as the price of BTC continues to rise.

As of Monday morning, the price of Bitcoin had dipped below the $90,000 level after reaching an intraday high of $92,142. Bitcoin is down 3.8% from its all-time peak of $93,477, which was achieved five days ago.