Microstrategy Buys 6,455 More Bitcoin — Now Holds 138,955 BTC – Featured Bitcoin News
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Microstrategy, the business intelligence firm led by Michael Saylor, has announced that it has bought an additional 6,455 bitcoins for $297 million. The company now holds a total of 138,955 BTC, all acquired over the past year.
The purchase was made through Microstrategy’s subsidiary, MacroStrategy LLC, and brings the average price of their bitcoin holdings to $26,769. Microstrategy has consistently made headlines over the past year for its aggressive bitcoin buying strategy, with Saylor stating that he views the cryptocurrency as a better store of value than fiat currency.
The company’s latest purchase was made just days after El Salvador became the first country in the world to recognize bitcoin as legal tender. Saylor has been a vocal proponent of bitcoin adoption and has been advocating for corporations and governments to follow in El Salvador’s footsteps.
Microstrategy’s bitcoin holdings have already proven to be a significant investment for the company. In May 2021, the firm reported a paper profit of $2.3 billion on its BTC holdings, more than it had earned from all of its other business activities combined.
Despite criticism from some in the traditional finance world, Microstrategy’s bitcoin gamble has paid off handsomely so far. The company’s willingness to bet big on the cryptocurrency is a sign of the growing acceptance of bitcoin, particularly as a hedge against inflation and currency devaluation.
With Microstrategy’s latest purchase, the company’s bitcoin holdings now represent more than 70% of its total market capitalization. It remains to be seen whether other publicly traded companies will follow in Microstrategy’s footsteps, but the firm’s success with bitcoin is sure to capture the attention of investors around the world.
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