MicroStrategy Inc., the American business intelligence and software firm, has expanded its Bitcoin holdings with another significant purchase. Michael Saylor, the company’s chairman, announced on X that the firm had bought 18,300 Bitcoin (BTC) for approximately $1.11 billion at an average price of $60,408 per Bitcoin.
Also Read: MicroStrategy Outshines Tech Giants Due to Bitcoin Plan
MicroStrategy’s Steadfast Commitment to Bitcoin
MicroStrategy is now more widely recognized as a major player in the Bitcoin space than for its original software business. Saylor mentioned that the company has 244,800 BTC in total, buying for $9.45 billion at an average price of $38,585 per Bitcoin. In the last four years, MicroStrategy has become one of Bitcoin’s most prominent institutional investors. The bitcoin market was new to the company, and it ventured into it in August 2020, during the COVID-19 pandemic. For this reason, the company has continued accumulating more Bitcoins, with volatility and criticisms over the investment choice.
To fund these Bitcoin purchases, MicroStrategy has used various strategies, including issuing Convertible Senior Notes. The company’s unwavering belief in Bitcoin has seen it buy the cryptocurrency at every available opportunity.
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MicroStrategy’s Bitcoin Bets Pay Off
MicroStrategy has invested heavily in Bitcoin, and it has reaped enormous benefits. In his latest update, Saylor stated that the company achieved a BTC yield of 4.4% quarter-to-date (QTD) and 17.0% year-to-date (YTD). Furthermore, the company continues to show high performance in share value on Wall Street and has earned its place as the leading Bitcoin corporate holder.
In conclusion, MicroStrategy’s consistent approach to expanding its Bitcoin holdings has proven successful as the company continues to benefit from its long-term strategy. Despite the risks and market fluctuations, the firm remains committed to its bet on Bitcoin, positioning itself as one of the largest and most recognized corporate Bitcoin holders globally.
Also Read: MicroStrategy Doubles Down on Bitcoin, Acquires Additional 9200 BTC
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.