MicroStrategy Expands bitcoin Holdings with $5.3 Million Purchase
MicroStrategy, a leading business intelligence and software company, has reaffirmed its commitment to bitcoin by acquiring an additional 155 BTC at a total cost of $5.3 million. The news was announced today by the company’s Founder & Chairman, Michael Saylor, in a tweet.
This latest purchase comes at a time when the price of bitcoin has been steadily rising, recently hitting a yearly high of $35,000. MicroStrategy first entered the bitcoin market in August 2020, making a substantial initial investment of $250 million. Since then, the company has been consistently adding to its bitcoin holdings, implementing a treasury reserve strategy that now boasts over 158,400 bitcoin, with a total value exceeding $5.4 billion.
MicroStrategy’s Chief Financial Officer, Andrew Kang, stated that the company has acquired 6,067 bitcoin since the end of the second quarter for a total of $167 million. Kang also highlighted the company’s strong commitment to acquire and hold bitcoin, particularly considering the promising outlook for increased institutional adoption.
MicroStrategy’s Aggressive bitcoin Investment Strategy
With the fourth bitcoin halving drawing near and the potential approval of the first spot bitcoin ETF by the SEC on the horizon, MicroStrategy shows no signs of slowing down its aggressive bitcoin investment strategy. The company’s ongoing acquisition of bitcoin positions it as a major player in the cryptocurrency market, and it continues to attract the attention of institutional investors.
By consistently increasing its bitcoin holdings, MicroStrategy demonstrates its confidence in the long-term value and potential of the cryptocurrency. As the company continues to take advantage of bitcoin‘s upward momentum, it solidifies its position as a leader in the business intelligence and software industry.
### News source: bitcoinmagazine.com