MicroStrategy Inc. (NASDAQ: MSTR), a leading finance software company, has recently added to its Bitcoin (BTC) haul again. On Monday, Michael Saylor, the company’s founder and chairman, revealed that it had acquired an additional 5,445 bitcoins, bringing its total BTC holdings to over 158k.
According to a filing with the US Securities and Exchanges Commission (SEC), MicroStrategy purchased the coins for $147.3 million, averaging $27,053 per coin. As a result, the firm now holds 158,245 bitcoins, which were cumulatively acquired for $4.68 billion, at an average price of $29,582 per bitcoin.
Bitcoin has been range-bound over the past few days, with its price hovering around the $26k level amid a lack of market volatility. As of 09:55 ET on Monday, CoinGecko data showed a -1.8% return in the past 24 hours and 4.6% in the past seven days.
This means that the 5,445 coins MicroStrategy purchased have already seen a depreciation in value at current prices. Analysts believe that negative news could send the flagship crypto to support below $25k, with the psychological $20k zone as a notable anchor.
On the other hand, a bullish flip for BTC could take it to a new all-time high. According to Joe Burnett, an analyst and trader, all Bitcoin needs is a “spark of demand” due to 87.9% of all coins not moving in the last 90 days.
Other catalysts that could influence the price of BTC include the upcoming bitcoin halving and the potential for the approval of a spot Bitcoin ETF by the SEC. BlackRock is one of the firms looking to provide access to a spot ETF.