JAKARTA - MicroStrategy, an information technology company from the United States, has again shocked the crypto market with the announcement of large amounts of Bitcoin purchases. In the 8-K Form document uploaded to the company's website on Tuesday, December 26, 2023, MicroStrategy revealed that it has acquired 14,620 Bitcoins in the past month with spending of 615.7 million US dollars (Rp 9.5 trillion). The average purchase price of Bitcoin is 42,110 US dollars (Rp 650.7 million) per coin.
With this acquisition, MicroStrategy's total Bitcoin holdings have now reached 189,150 BTC, which is obtained at an average price of US$31,168 (Rp 481.8 million) per coin. The current value of the Bitcoin market owned by MicroStrategy is around US$8.1 billion (Rp125.2 trillion), reflecting a value increase of US$2.2 billion (Rp34 trillion) theoretically.
The purchase of Bitcoin by MicroStrategy is part of the company's strategy to turn their cash into inflation-resistant assets and has long-term growth potential. Since August 2020, MicroStrategy has invested around $5.89 billion in Bitcoin, making it one of the largest public companies to own Bitcoin on their balance sheets.
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MicroStrategy (MSTR) shares also experienced a significant increase in line with the purchase of Bitcoin. MSTR shares rose more than 350% throughout 2023, from US$ 388.55 (Rp 6 million) per share on December 31, 2022 to US$654 (Rp 10.1 million) per share on December 27, 2023.
The increase in MSTR shares even surpassed the increase in Bitcoin prices, which only rose by about 160% throughout 2023, from USD 29.374 (IDR 453.4 million) per coin on December 31, 2022 to USD 43,000 (IDR 664.4 million) per coin on December 27, 2023.
Analysts describe MicroStrategy's shares as "almost like Bitcoin ETF diverging" because of its exposure to cryptocurrencies. ETF (exchange-traded fund) is an investment instrument that tracks the performance of other indices, commodities, or assets, and can be traded on stock exchanges like ordinary stocks. Bitcoin ETF is an ETF that tracks the price of Bitcoin, so investors can buy and sell Bitcoin without having to own or store it directly.
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