MicroStrategy, a business intelligence firm based in the United States, has acquired an additional 1,045 Bitcoin (BTC) for approximately $29.3 million at an average price of $28,016 per BTC, the company’s executive chairman, Michael Saylor, announced the news in a tweet on April 5.
A check by Investors King showed that this latest acquisition brings MicroStrategy’s total holdings to 140,000 BTC, which were acquired for approximately $4.17 billion at an average price of $29,803 per BTC.
The move is seen as a significant milestone for the company, which has been investing heavily in Bitcoin as a reserve asset.
Michael Saylor, who is ranked number 14 on Cointelegraph’s Top 100 in crypto, has been a vocal proponent of Bitcoin and has been leading the charge for corporations to adopt the cryptocurrency as a strategic asset.
Saylor has repeatedly stated that Bitcoin is the most secure and reliable store of value available in the market today and offers a unique opportunity for businesses to protect their assets from inflation.
MicroStrategy’s Bitcoin strategy appears to be dollar-cost averaging, but with vast amounts of money. The company made its first Bitcoin purchase in August 2020, and since then, it has been consistently adding to its holdings.
The latest purchase brings MicroStrategy’s total Bitcoin holdings to over $12.6 billion, a testament to the company’s confidence in the long-term potential of the cryptocurrency.
Saylor’s MicroStrategy recently repaid its Silvergate loan and purchased 6,500 BTC at the end of March, further indicating the company’s commitment to Bitcoin as a reserve asset.
The move comes at a time when more companies are beginning to explore Bitcoin as a means of diversifying their portfolios and protecting their assets from inflation.
