MicroStrategy, Michael Saylor's business intelligence company, has just added another multimillion-dollar investment to its Bitcoin store of value strategy.
In a presentation In a filing with the United States Securities and Exchange Commission (SEC), MicroStrategy reported on a new Bitcoin acquisition. We are talking about 5.445 BTC that were added to its corporate treasury, where it has accumulated a total of 158.245 bitcoins to date.
For this new Bitcoin acquisition, MicroStrategy invested another $147,3 million.
Michael Saylor, the company's founder and CEO, said on X (formerly Twitter) that a staggering $4.680 billion has so far been invested to acquire all of the Bitcoin the company currently owns, at an average price of $29.582 per BTC.
According to the SEC filing, the new bitcoins held by MicroStrategy were acquired between August 1 and September 24.
The business intelligence company, which has clients including Universal Studios, McDonalds and the US Army, began investing in Bitcoin in 2020, embracing the cryptocurrency as part of a new asset diversification strategy and making it the primary reserve asset of its corporate treasury.
Why is MicroStrategy investing in Bitcoin?
With MicroStrategy's new Bitcoin acquisition announced, the business intelligence company continues to establish itself as the largest institutional investor in the market-leading cryptocurrency. MicroStrategy is currently the public company with the largest amount of bitcoins in its reserves and, according to Saylor, the company will not stop and will continue to buy more Bitcoin in the future.
Saylor has said that the company's main motivation for doing recurring bitcoin purchases is to protect its assets from inflation. He has also stated, on several occasions, that he sees Bitcoin as an alternative asset superior to fiat money and bonds, which will allow him to increase the value of the company in the long term.
In addition to this, MicroStrategy is also focusing on technology development, paving the way for building applications based on Bitcoin code and the Lightning Network, Bitcoin's scalability network.
In early May, MicroStrategy introduced its first Lightning Network-based application, called “MicroStrategy Lightning,” which offers a digital wallet for businesses. This application was developed with the idea of accelerating the use and institutional adoption of Bitcoin and its underlying technology, Saylor said.
Continue reading: MicroStrategy launches its first application powered by Bitcoin's Lightning Network
