The coffers of MicroStrategy, the company of which Michael Saylor is president, hold 152.333 bitcoins.
MicroStrategy has made another large investment in Bitcoin, the market's main cryptocurrency, which was adopted by the company as its main store of value asset 2020 in August.
Since then, MicroStrategy has invested a total of $4.520 billion in Bitcoin. Its latest investment in the market-leading cryptocurrency was revealed on June 28 for $347 million in cash. With this amount, MicroStrategy added another 12.333 bitcoins to its corporate balance sheet.
The company's new bitcoins were purchased at an average price of $28.136 per Bitcoin, CEO Michael Saylor reported via Twitter. At the time of writing, Bitcoin is trading on the market with a unit price of $ 30.229 dollars, so the company already records a profit of almost $26 million, approximately.
To the date, MicroStrategy owns 152.333 bitcoins, valued at $4.604 million dollars, according to the current price of BTC in the market. The business intelligence company is the largest institutional investor in Bitcoin, ahead of companies like Block and Galaxy Digital, among others.
MicroStrategy's recurring Bitcoin purchases are part of the company's business strategy to diversify its investments through an asset that, as Saylor explained in the past, has the potential to appreciate in the long term. In 2020, the then CEO of MicroStrategy had explained why his company was converting 50% of its existing cash reserves into Bitcoin. Saylor commented that Bitcoin offers the possibility of obtaining a higher return than other investments; Additionally, he noted that cryptocurrency can provide a reasonable hedge against inflation, among other advantages.
The Bitcoin investment strategy applied by MicroStrategy is known as Dollar Cost Average (DCA) and allows you to make recurring purchases of the cryptocurrency at different prices, regardless of its market fluctuations.
In addition to investing in bitcoin, MicroStrategy is also driving adoption of Bitcoin's payments layer, the Lightning Network, through institutional-grade applications.
Continue reading: MicroStrategy launches its first application powered by Bitcoin's Lightning Network
