MicroStrategy, a US-based business intelligence firm, has expanded its Bitcoin (BTC) holdings as part of the company’s treasury strategy. The company announced the latest purchase of 21,550 Bitcoin, worth approximately $2.1 billion.
MicroStrategy is unfazed by the historical rise in Bitcoin prices
In an official announcement today, the publicly traded company received an additional 21,550 Bitcoin. This purchase comes as Bitcoin surpassed the $100,000 mark for the first time in its history, pushing the total market capitalization of cryptocurrencies to unprecedented levels.
According to A Deposit In cooperation with the US Securities and Exchange Commission (SEC), the acquisition was financed through proceeds from the issuance and sale of the company’s shares, totaling $2.13 billion. The purchase was made between December 2 and 8 at an average price of $98,783 per bitcoin, including fees and expenses.
Michael Saylor, CEO of MicroStrategy, at X mail It reported that the company now owns a total of 423,650 bitcoins at a total acquisition cost of $25.6 billion, at an average price of $60,324 per bitcoin.
While many investors may be thinking again about buying Bitcoin amid its historic run, Saylor appears unfazed by the digital asset’s rise. Earlier this year, Saylor He said In an interview he said he would “buy the top forever.” He said:
I’m confident I would buy Bitcoin at $1 million per coin – and Bitcoin would likely be worth about $1 billion a day at that price.
Notably, with 423,650 Bitcoin on its balance sheet, MicroStrategy now controls just over 2% of the total Bitcoin supply of 21 million coins. Recently, Saylor urge The US government replaces gold with Bitcoin. Bitcoin Permapol said:
Dump your gold. Sell all US gold and buy Bitcoin. You will cancel trading of the entire gold asset class. Our enemies keep gold in their banks, so their assets reach zero. Our assets will reach $100 trillion.
The fifth week in a row to buy Bitcoin
MicroStrategy’s latest acquisition marks its fifth Bitcoin in a row buying In several weeks. During this period, Bitcoin’s price has risen by 40%, while MicroStrategy (MSTR) stock has risen by almost 20%.
Year to date, MicroStrategy stock is up 520%, rising from $69 on January 1 to $388 at the time of writing. This outperformed Bitcoin and the S&P 500, cementing the company’s position as the leading Bitcoin longs.
MicroStrategy’s highly profitable BTC strategy did too Inspired Companies around the world, including Japan-based early-stage investment firm Metaplanet. Moreover, Saylor was also lost Try To convince tech giant Microsoft to consider adding BTC to its balance sheet.
However, Peter Schiff, a long-time gold enthusiast, is not sold on Bitcoin. Saying MicroStrategy’s bet on Bitcoin is likely to backfire. BTC is trading at $100,192 at press time, down 0.1% over the past 24 hours.
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