Once again, MicroStrategy is investing heavily in Bitcoin (BTC). The company has just acquired nearly 19,500 additional BTC, at a total cost of more than $1 billion.
$1 billion worth of Bitcoin
Will MicroStrategy ever stop accumulating Bitcoin (BTC)? The company listed on the Nasdaq has just announced – once again – a significant investment in leading cryptocurrency.
The business investment firm bought 19,452 bitcoins for around $1.026 billion, at an average price of approximately $52,765 per BTC. With this purchase, MicroStrategy now owns 90,531 bitcoin, which was acquired at an average price of about $23,985 per BTC, including fees and expenses.
In MicroStrategy’s press release, CEO Michael Saylor comments: “The company now holds over 90,000 bitcoins, which reaffirms our belief that Bitcoin, as the world’s most widely adopted cryptocurrency, can serve as a reliable store of value. “
The move comes just days after the company raised another billion dollars to fuel its future BTC purchases.
Phong Le, President and CFO of MicroStrategy, added: “We believe that our strategy for [investing in] bitcoin, including our holdings and related activities supporting the Bitcoin network, is complementary to our software business, by strengthening our brand awareness and offering opportunities to gain new customers. “
The message is clear, MicroStrategy is not going to stop buying BTC anytime soon. The giant now holds nearly 0.5% of the total supply in circulation, or 90,500 BTC out of the 18.6 million currently in circulation.
This latest purchase proves once again that institutions are not ready to let go of Bitcoin, to the delight of those who are waiting for the bull run to resume.
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