MicroStrategy now holds 226,500 bitcoins, almost 1.1% of the total bitcoin supply.
The world’s first public bitcoin holding company, MicroStrategy, has continued its purchase spree. While other companies have relented in their bitcoin acquisitions due to volatility, MicroStrategy has shown even stronger confidence in the cryptocurrency. The company announced that it has added 169 bitcoins to its possessions.
MicroStrategy Goes Bitcoin Shopping Again
Since stepping down as CEO of MicroStrategy, Michael Saylor has focused on helping the company acquire more bitcoins. Announcing the company’s last purchase on Monday, he revealed that MicroStrategy spent $11.4 million to acquire an additional 169 bitcoins amid the unstable crypto market.
According to Saylor’s post, the company spread its bitcoin purchase throughout July. He also emphasized that the company’s active bitcoin development strategy, which lays out its buying plan, is vital to its plans.
Through a recent press release, MicroStrategy revealed that since Q2 2024, the company acquired 12,222 bitcoins worth $805.2 million at an average price of $65,882 per BTC. Most of the funds spent purchasing these bitcoins were raised from selling convertible notes.
Concluding July, MicroStrategy now holds 226,500 bitcoins acquired for approximately $8.3 billion over four years. It bought all its bitcoins at an average price of $36,821 per BTC.
Considering that the price of bitcoin is sitting at $65,000 at press time, according to live data from CryptocurrenciesToWatch, MicroStrategy’s bitcoin holdings are worth over $14.7 billion. The company has gained over $6.4 billion from its acquired bitcoins.
Setting the Pace
Since the company announced its first bitcoin purchase in 2020, when the cryptocurrency was still below $20,000 per coin, it has displayed unswerving confidence in bitcoin. Saylor continues to acquire more bitcoins with a clear long-term vision and no known intentions to sell. Expressing strong conviction in the future of bitcoin, he has predicted that the cryptocurrency will hit $13 million per coin in 2045.
Since adopting bitcoin as its primary reserve asset, many companies have followed MicroStrategy’s footsteps. Japanese company Metaplanet has adopted bitcoin as its reserve asset to shield itself from the effects of the ongoing economic crisis in Japan. Bitcoin miner Marathon Digital Holdings has also announced a $100 million bitcoin purchase. It plans to hodl mined BTC and acquire more from the market.