MicroStrategy, the American business intelligence firm, continues to demonstrate its confidence in Bitcoin by acquiring an additional 1,045 BTC for approximately $29.3 million at an average price of $28,016 per BTC. This news was shared via a tweet by Microstrategy’s executive chairman, Michael Saylor, on April 5.
As of April 5, 2023, MicroStrategy holds a total of 140,000 Bitcoin, acquired for approximately $4.17 billion at an average price of $29,803 per BTC. This significant milestone underscores the company’s commitment to Bitcoin as a strategic reserve asset.
Saylor has been a vocal proponent of Bitcoin and has been advocating for corporations to adopt it as a reliable and secure store of value. He firmly believes that Bitcoin offers a unique opportunity for businesses to safeguard their assets against inflation.
MicroStrategy’s Bitcoin strategy appears to be dollar-cost averaging, but with substantial sums of money. The company recently repaid its Silvergate loan and purchased 6,500 BTC at the end of March.
MicroStrategy made its first Bitcoin purchase in August 2020 and has been consistently adding to its holdings ever since. With this latest acquisition, the total amount of Bitcoin owned by MicroStrategy now exceeds $12.6 billion, further cementing the company’s confidence in the long-term potential of the cryptocurrency.
