MicroStrategy, the business intelligence company led by Michael Saylor, increases its Bitcoin holdings with the acquisition of another 5.050 BTC.
Michael Saylor, CEO of MicroStrategy and one of the most recognized entrepreneurs in the industry of cryptocurrencies, , announced that his business intelligence company invested in the purchase of more bitcoins. In his Twitter post, Saylor details that MicroStrategy has just acquired another 5.050 BTC, increasing its holdings in the cryptocurrency to a total of 114.042 units.
MicroStrategy made its most recent investment in bitcoin for a total value of $242,9 million, as detailed by Saylor. In addition, the company's CEO reported that the average purchase price of each BTC was $48.099. Last Monday, Bitcoin was trading above $53.000 per unit, before El Salvador's official adoption as legal tender.
At the time of this edition, the market-leading cryptocurrency is trading at a value of $45.300 per unit, about $2.700 below MicroStrategy's purchase price.
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MicroStrategy and its Bitcoin treasury
The company's constant acquisition of bitcoins is part of a long-term treasury strategy, so MicroStrategy's investment is still very profitable. Since last year, the business intelligence company has been investing all of its surplus and cash reserves in BTC. Saylor reported that he was confident in the cryptocurrency's long-term appreciation potential, so he would adopt it as an investment asset to protect against inflation and the devaluation of fiat currencies.
In his recent tweet, Saylor added that the average purchase price of the 114.042 BTC currently held by MicroStrategy was $27.713.
In total, MicroStrategy has invested $3.160 billion in Bitcoin to date; while its total holdings in the cryptocurrency are worth over $5.166 billion, according to the BTC market price at the time of writing. Since August of last year, when MicroStrategy began investing in Bitcoin, the cryptocurrency has appreciated by 280%.
The largest institutional investor in BTC
MicroStrategy is known in the crypto space as the largest institutional investor in Bitcoin. The company is well above other major institutional investors such as Tesla, Elon Musk’s company, and Square, Jack Dorsey’s company.
As Bitcoin Treasuries data shows, MicroStrategy holds 2,6 times more bitcoins than Tesla, and 14,2 times more than Square. Other major institutional investors and Bitcoin holders include Marathon Patent Group, Galaxy Digital, Hut 8, and others. In total, there are about 1,66 million BTC, roughly 8% of the total BTC supply, held by institutions.
Source: Bitcoin Treasuries
Despite criticism from a few, MicroStrategy remains confident in Bitcoin’s future potential to become a widely adopted asset globally. On several occasions, Saylor has stressed that Bitcoin is a decentralized, inclusive and accessible financial system that provides value opportunities for everyone equally.
Continue reading: Saylor: “MicroStrategy will continue buying bitcoins in the future”
