MicroStrategy Makes Largest Bitcoin Purchase Since Prices Peaked

MicroStrategy Inc. acquired about $347 million in Bitcoin during the second quarter, the largest purchase by the most prominent publicly-traded advocate of the cryptocurrency since prices peaked in late 2021.

The enterprise-software maker co-founded by crypto proponent Michael Saylor acquired 12,333 Bitcoin between April 29 and June 27 at an average price of $28,136, according to a US Securities and Exchange Commission filing on Wednesday. That brings the Tysons Corner, Virginia-based company’s Bitcoin purchases to around $4.5 billion, which is greater than it’s market capitalization of about $4.2 billion.

Bitcoin has surged in value this year after a series of ...