MicroStrategy Acquires More Bitcoin in Latest Purchase
Software company MicroStrategy has made another significant Bitcoin purchase, according to a recent filing with the U.S. Securities and Exchange Commission (SEC). MicroStrategy’s chairman, Michael Saylor, confirmed the acquisition.
The Details of the Purchase
The SEC filing revealed that between November 30 and December 26, MicroStrategy bought 14,620 BTC at an average price of approximately $42,110 per coin. The total cost of the purchase was around $616 million.
MicroStrategy’s Growing Bitcoin Holdings
With this latest purchase, MicroStrategy now holds a total of 189,150 BTC, valued at $8.1 billion. This makes the company the largest corporate holder of Bitcoin.
A Series of Bitcoin Purchases
This is not the first time MicroStrategy has invested in Bitcoin. In just the past month, the company spent $593.3 million on 16,130 BTC at an average price of $31,168 per coin.
Michael Saylor’s Bitcoin Strategy
MicroStrategy’s founder and chairman, Michael Saylor, initiated the company’s Bitcoin buying plan in August 2020 with a $250 million investment. Saylor believes that holding Bitcoin for the long term provides better returns for shareholders and protects against inflation.
The Performance of MicroStrategy Stock
Since MicroStrategy began investing in BTC, its stock—traded under the MSTR ticker on Nasdaq—has risen over 322%. Saylor suggests that buying MicroStrategy stock is a safe way for investors to gain exposure to Bitcoin.
Other Tech Companies Investing in Bitcoin
Tesla, the electric car company, also holds Bitcoin. It purchased 9,720 BTC worth $417 million in February 2021.
Hot Take: MicroStrategy Continues to Lead Corporate Bitcoin Investments
MicroStrategy’s latest Bitcoin purchase demonstrates its continued commitment to investing in the cryptocurrency. With a substantial holding of 189,150 BTC, MicroStrategy remains the largest corporate holder of Bitcoin. The company’s founder and chairman, Michael Saylor, believes that holding Bitcoin for the long term offers superior returns and protection against inflation. This strategy has proven successful so far, with MicroStrategy’s stock experiencing significant growth since it began investing in BTC. As more tech companies explore Bitcoin as a potential investment, MicroStrategy sets an example for others to follow.
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