MicroStrategy, the American business intelligence firm, has just made headlines again for its latest acquisition of an additional 1,045 Bitcoin (BTC) for approximately $29.3 million at an average price of $28,016 per BTC. The news was shared by the company’s executive chairman, Michael Saylor, in a tweet on April 5.
With this recent purchase, MicroStrategy’s total Bitcoin holdings now stand at 140,000 BTC, which were acquired for approximately $4.17 billion at an average price of $29,803 per BTC as of April 5, 2023. This latest development marks a significant milestone for the company as it continues to invest in Bitcoin as a reserve asset.
Saylor has been a vocal advocate for Bitcoin and has been at the forefront of the charge for corporations to adopt cryptocurrency as a strategic asset. He has consistently stated that Bitcoin is the most secure and reliable store of value that exists in the market today, and it provides a unique opportunity for businesses to protect their assets from inflation.
MicroStrategy has been steadily adding to its Bitcoin holdings since making its first purchase in August 2020. The company’s Bitcoin strategy seems to be a dollar-cost averaging approach but with vast amounts of money. Recently, MicroStrategy repaid its Silvergate loan and purchased 6,500 BTC at the end of March.
The latest purchase has pushed the total amount of Bitcoin owned by MicroStrategy to over $12.6 billion, a clear indication of the company’s unwavering confidence in the long-term potential of the cryptocurrency.
