MicroStrategy recently added 122 Bitcoin to its investment portfolio, amounting to around $7.8 million. This move marks the company's continuous expansion in the cryptocurrency market. In April, the business intelligence and software firm increased its Bitcoin holdings by acquiring these additional units.

With this latest purchase, MicroStrategy's CEO, Michael Saylor, revealed that the company now holds a total of 214,400 BTC. This announcement coincided with the release of MicroStrategy's Q1 earnings report. The average price per Bitcoin in their possession stands at $35,180, showcasing their consistent accumulation of digital assets.

Andrew Kang, the Chief Financial Officer of MicroStrategy, highlighted the firm's ongoing strategy of acquiring Bitcoin, emphasizing the alignment of this approach with their operational structure and commitment to technological innovation. This concerted effort aims to drive value creation for the company's stakeholders.

In a previous report by Coingape, MicroStrategy's Bitcoin acquisition in March added 9,245 BTC to their reserves, bringing the total to 214,246 BTC initially. Subsequent purchases raised this figure to 214,278 BTC before the recent addition of 122 Bitcoin in April. Despite fluctuations in Bitcoin's price, MicroStrategy remains profitable with its current holdings.

As of the latest data, Bitcoin was trading at $63,002.57, reflecting a slight decrease over the past 24 hours. Despite the cryptocurrency's drop from its peak value in mid-March, MicroStrategy's investment remains lucrative. The market value of their Bitcoin holdings as of March 31, 2024, stood at $15.220 billion, significantly surpassing the original cost basis of $7.535 billion.

MicroStrategy intends to retain its Bitcoin reserves, considering the substantial profits generated. The company acknowledges the positive impact of spot Bitcoin ETFs on the market, attributing the recent price surge to increased institutional demand and improved regulatory clarity following the approval of Bitcoin ETFs by the SEC earlier in the year.