MicroStrategy, firm led by CEO Michael Saylor, has announced the acquisition of an additional 12,333 Bitcoins (BTC). The company made this purchase for approximately $347 million, at an average price of $28,136 per Bitcoin. With this latest acquisition, MicroStrategy’s total Bitcoin holdings now stand at a significant 152,333 BTC.
The move by MicroStrategy to expand its Bitcoin reserves demonstrates the company’s continued confidence in the long-term value and potential of the leading cryptocurrency. MicroStrategy has been actively investing in Bitcoin since August 2020 and has become one of the largest institutional holders of the digital asset.
As of June 27, 2023, MicroStrategy’s Bitcoin portfolio has been amassed at an average price of $29,668 per Bitcoin, representing a total investment of around $4.52 billion. This strategic accumulation of Bitcoin serves as a hedge against inflation and an alternative store of value for the company.
MicroStrategy’s CEO, Michael Saylor, has been a vocal advocate for Bitcoin and its benefits. He firmly believes that Bitcoin is a superior asset to traditional forms of currency and has been utilizing the company’s excess cash to accumulate significant amounts of the digital asset.
The latest acquisition aligns with MicroStrategy’s long-term Bitcoin acquisition strategy and reinforces their position as a leading corporate investor in the cryptocurrency market. The company has been actively leveraging its balance sheet to acquire Bitcoin, showcasing its commitment to harnessing the potential growth and value of the digital currency.