MicroStrategy Buys More Bitcoin, Now Holds Over 1% of Total Supply
MicroStrategy, the business intelligence firm led by Michael Saylor, continues to add Bitcoin to its treasury. In its latest purchase, the company acquired an additional 9,245 BTC for approximately $623 million. This brings MicroStrategyโs total holdings to 214,246 BTC, making it one of the largest institutional holders of the cryptocurrency.
MicroStrategyโs Bitcoin Acquisition Strategy
MicroStrategy used the proceeds from convertible notes and excess cash to fund its latest Bitcoin purchase. The average price at which the company acquired these coins was $67,382 per Bitcoin. With this latest acquisition, MicroStrategy now owns more Bitcoin than the governments of China (194,000 BTC) and the US (210,000 BTC).
Bitcoinโs Role in MicroStrategyโs Treasury
The value of MicroStrategyโs Bitcoin treasury has seen significant growth as a result of the ongoing crypto bull market. With Bitcoin currently trading at $67,916, MicroStrategyโs holdings are worth approximately $14.55 billion, representing a 93% increase in value.
Michael Saylorโs Bullish Stance on Bitcoin
MicroStrategy co-founder Michael Saylor has been vocal about his bullish outlook on Bitcoin. He believes that Bitcoin is a superior asset class compared to gold and real estate. In a recent statement, he said:
โBitcoin is competing against gold, which is 10x what it is right now. Itโs competing against the S&P Index. It is competing against real estate, a $100 trillion-plus asset class, as a store of value. So we believe capital is going to keep flowing from those asset classes into Bitcoin because Bitcoin is technically superior to those asset classes. And that being the case thereโs just no reason to sell the winner to buy the losers.โ
Bitcoinโs Recent Price Movement
Bitcoin has experienced a price increase of more than 8% in the past 24 hours, reaching a new all-time high of $73,737.94. This upward movement further strengthens MicroStrategyโs position as its Bitcoin holdings continue to appreciate in value.
Hot Take: MicroStrategyโs Growing Bitcoin Treasury
MicroStrategyโs latest Bitcoin purchase solidifies its position as one of the largest institutional holders of the cryptocurrency. With over 1% of Bitcoinโs total supply in its treasury, MicroStrategy is well-positioned to benefit from the ongoing bull market. Michael Saylorโs bullish stance on Bitcoin and his belief in its superiority compared to traditional assets like gold and real estate further supports MicroStrategyโs investment strategy.
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