MicroStrategy, a prominent provider of business intelligence and cloud-based services, has made its latest Bitcoin acquisition, buying 12,333 coins for $347 million. This purchase underscores the company’s unwavering confidence in Bitcoin’s potential. MicroStrategy continues to expand its digital treasury, holding a substantial amount of cryptocurrency. The corporation now holds an astonishing 152,333 Bitcoins worth $4.5 billion, making this significant buy its largest single purchase to date.
Between April 29 and June 27, MicroStrategy completed the transactions at an average cost of approximately $29,668 per coin. The details were disclosed in a filing with the US Securities and Exchange Commission (SEC). Led by co-founder Michael Saylor, MicroStrategy’s use of Bitcoin as an inflation hedge remains consistent. This approach aligns with the company’s long-standing strategy.
MicroStrategy has acquired an additional 12,333 BTC for ~$347.0 million at an average price of $28,136 per #bitcoin. As of 6/27/23 @MicroStrategy hodls 152,333 $BTC acquired for ~$4.52 billion at an average price of $29,668 per bitcoin. $MSTR https://t.co/joHo1gEnR0
— Michael Saylor⚡️ (@saylor) June 28, 2023
Starting in August 2020, MicroStrategy initiated a buying spree that propelled them to become the largest publicly traded company in Bitcoin holdings. Their strategic acquisitions cemented their prominent position in the cryptocurrency market. As an ardent advocate of the digital currency, Saylor has consistently emphasized Bitcoin’s potential as “engineered synthetic, pharmaceutical-grade gold.” He has championed its unique qualities and advantages in the financial landscape. MicroStrategy’s commitment to the “buy and hold” approach, championed by Saylor, has proven successful despite price volatility and recent declines from the all-time high. The company has reaped the rewards of this steadfast strategy.
MicroStrategy and Strategic Investments to Bitcoin
The value of MicroStrategy’s stocks has increased by more than 162% from its initial Bitcoin acquisition in 2020. The company’s status as a pioneer in incorporating digital assets into conventional financial portfolios has been confirmed by this outstanding expansion.
Plans show that MicroStrategy is actively creating an “enterprise Lightning solution”, as Saylor stated. The Lightning Network, a second-layer network for Bitcoin transactions, offers faster and more cost-effective transactions, presenting companies with innovative possibilities for utilizing virtual currency. It opens up new avenues for efficient and affordable Bitcoin transactions in the business world. By undertaking this project, MicroStrategy demonstrates its firm commitment to promoting the widespread use and adoption of Bitcoin globally. The initiative showcases the company’s dedication to advancing the utility and acceptance of digital currency.
MicroStrategy’s ongoing investments in Bitcoin underscore its belief in the potential of cryptocurrencies. The company remains confident in the long-term growth and value of these digital assets. As the digital treasury expands, MicroStrategy remains steadfast in a strategy marked by consistency, transparency, and accountability. The company upholds these principles while scaling its cryptocurrency holdings.