MicroStrategy Boosts Bitcoin Holdings With $615M Purchase, Eyes 1% of Supply
Microstrategy gets 14,620 BTC for $615.7M, bringing its total holdings to 189,150 BTC for $5.9B. CEO Michael Saylor remains bullish on Bitcoin, considering it the world's most valuable asset class. The company's active crypto strategy corresponds to the growing institutional interest, 1% of Bitcoin supply eyes.
MicroStrategy (NASDAQ: MSTR), the business intelligence giant led by CEO Michael Saylor, has reaffirmed his faith in Bitcoin's long-term potential.
In a recent filing with the Securities and Exchange Commission (SEC), MicroStrategy revealed that between November 30, 2023 and December 26, 2023, it acquired 14,620 BTC. This massive purchase will amount to $615.7 million in Bitcoin at an average price of $42,110.
The recent purchase comes after the company bought another 5,445 bitcoins in September 2023.
MicroStrategy's total bitcoin holdings now stand at an impressive 189,150 BTC, at an estimated cost of $5.9 billion. This move puts the company on the verge of owning 1% of the total Bitcoin supply. MicroStrategy's Bitcoin holdings represent about 0.7% of the leading digital asset's total market capitalization.
Optimism of micro strategy in the midst of Bitcoin volatility
Despite recent price fluctuations in the cryptocurrency market, Microstrategy remains unwavering in its positive outlook on Bitcoin. Michael Saylor, a vocal proponent of Bitcoin, has stated that he sees the cryptocurrency as the currency of the future. This sentiment is reflected in MicroStrategy's continued strategy of accumulating large amounts of bitcoin, seeing it as a strategic component of the company's treasury.
MicroStrategy's proactive approach to cryptocurrency investments also matches the broader trend of growing institutional interest in digital assets. As Bitcoin continues to be seen as a bullish and a store of value, companies like MicroStrategy are taking advantage of the opportunities presented by the crypto market landscape.
The business intelligence giant's recent $615 million purchase of Bitcoin confirms its position as a major player in the crypto space. The company's continued belief in Bitcoin's future potential is reflected in its strategic accumulation of digital assets, which reinforces its position as a significant holding in the ever-expanding world of cryptocurrencies.
