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MicroStrategy, the business intelligence firm turned Bitcoin behemoth, has purchased an additional 4,020 BTC for $427 million between May 19-23. This brings the MicroStrategy Bitcoin holding to 580,250 BTC, worth approximately $63 billion at current prices.
CEO Michael Saylor confirmed the purchase via X (formerly Twitter), stating: “MicroStrategy has acquired an additional 4,020 BTC for ~$427M using proceeds from convertible notes & excess cash. We continue to execute our #Bitcoin strategy as institutional demand grows exponentially.”
The company paid an average of $106,237 per Bitcoin during this buying spree, coinciding with BTC’s brief surge past $110,000 on May 22. According to Bitcoin Treasury data, the MicroStrategy Bitcoin holding now represents nearly 3% of the total 19.7 million BTC currently in circulation.
Despite Bitcoin’s price surge, MicroStrategy (MSTR) shares have faced recent volatility, dropping 12% last week amid a class-action lawsuit alleging securities fraud related to Bitcoin disclosures. The suit claims shareholders were misled about investment risks in April 2025.
Simultaneously, regulatory filings reveal insider selling. Director Jarrod Patten disposed of 17,050 shares worth $6.7 million since April, while CFO Kang sold 2,185 shares for $719,447 in May.
Market analyst Lyn Alden offered perspective: “Insider selling doesn’t necessarily reflect doubt about the MicroStrategy Bitcoin holding. Executives often diversify for personal financial planning. The core strategy remains unchanged.”
MicroStrategy’s moves have sparked a wave of corporate Bitcoin adoption. As of Q1 2025, 47 public companies hold Bitcoin on their balance sheets, though none approach MicroStrategy’s scale.
“We’re witnessing the birth of a new asset class for corporate reserves,” said Nic Carter of Castle Island Ventures. “MicroStrategy proved Bitcoin’s viability as a treasury asset. The MicroStrategy Bitcoin holding isn’t speculative – it’s strategic.”
The company now functions as a de facto Bitcoin ETF for traditional investors. Its market cap has become tightly correlated with BTC prices, often serving as a proxy for institutional exposure.
Industry analysts remain divided on MicroStrategy’s aggressive accumulation strategy. Some question buying at peak prices, while others applaud the company’s long-term conviction.
“Most corporations try to time the market – MicroStrategy just keeps stacking,” noted Bloomberg Intelligence analyst Jamie Coutts. “Their average purchase price of $69,979 looks brilliant when you consider they now hold over half a billion dollars in unrealized gains.”
The MicroStrategy Bitcoin holding has become a case study in corporate treasury management. Since August 2020, the company has converted nearly all its cash reserves into Bitcoin while raising debt specifically for BTC purchases. Their most recent $800 million convertible note offering in March 2025 was oversubscribed by institutional investors.
CFO Andrew Kang explained the strategy: “Bitcoin represents the strongest asset for capital preservation with growth potential. Our shareholders understand this is a multi-decade play, not quarterly speculation.”
With 580,250 BTC secured, MicroStrategy shows no signs of slowing down. Saylor recently hinted at potential Bitcoin-backed financing products that could leverage their massive holding.
“Imagine a world where corporations use Bitcoin as collateral the way they use real estate today,” Saylor mused during a recent CNBC interview. “Our Bitcoin holding positions us at the center of this financial revolution.”
As Bitcoin’s price fluctuates, one thing remains constant: MicroStrategy keeps buying. Whether this proves visionary or reckless may take years to judge, but their conviction has already reshaped corporate finance.
For now, the MicroStrategy Bitcoin holding stands as the largest corporate cryptocurrency reserve in history – and it’s still growing.
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