MicroStrategy Buys 18,300 BTC, Increasing Total Bitcoin Holdings to 244,800
MicroStrategy, led by co-founder and chairman Michael Saylor, has announced another major Bitcoin acquisition, purchasing 18,300 BTC for just over $1.1 billion. This latest purchase brings the company’s total Bitcoin holdings to 244,800 BTC, valued at over $14 billion at current market prices.
The business intelligence giant secured its new batch of Bitcoin at an average price of $60,408 per BTC. Since starting its aggressive Bitcoin accumulation in August 2020, MicroStrategy has spent a total of $9.45 billion on the cryptocurrency, with an average acquisition price of $38,585 per Bitcoin. As a result, the company now stands on an unrealized profit of nearly $5 billion.
As the largest corporate holder of Bitcoin, MicroStrategy continues to lead the charge in institutional BTC investment. Saylor, a vocal Bitcoin advocate, has long expressed his bullish outlook, once stating he plans to “buy Bitcoin forever.” His long-term price predictions for the asset go as high as $13 million per coin.
MicroStrategy’s continued commitment to Bitcoin, despite market fluctuations, reinforces the company’s belief in the cryptocurrency’s potential as a store of value.
Featured image from: cointelegraph.com