- Michael Saylor, said that they spent almost $414 million on the newest batch of BTC.
- MicroStrategy’s BTC investment has already yielded a 100 percent return after only two years.
- The firm’s CEO has been instrumental in the company’s transition and BTC acceptance.
MicroStrategy, the business intelligence firm that was the first to adopt Bitcoin (BTC) by institutions, has added another batch of 7,002 BTC to its treasury.
The firm’s CEO, Michael Saylor, said that they spent almost $414 million on the newest batch of BTC, with an average price of $59,187.
The recent purchase brings Microstrategy’s total Bitcoin holdings to 121,044 BTC, a $3.57 billion investment.
MicroStrategy’s BTC investment has already yielded a 100 percent return after only two years.
MicroStrategy began buying Bitcoin in August of last year. When the top cryptocurrency was trading just over $10,000, and has made a series of transactions since then. The transactions were either in cash or through debt security offerings.
Even when the Bitcoin price dropped below $30K on a couple of occasions in May-June, putting them on the verge of losing money on their investment, Saylor made it clear that they have no plans to sell their Bitcoins.
Investor and Entrepreneur Anthony Pompliano who is also a big bitcoin supporter wrote on Twitter that, “The conviction her is incredible to watch”.
“MICROSTRATEGY” A FINANCIAL INSTITUTION
MicroStartegy has so much Bitcoin on its books that it can easily be classified as a financial institution.
The firm’s CEO has been instrumental in the company’s transition and BTC acceptance.
Saylor feels BTC operates as a strong reserve against this year’s record-breaking inflation. Rather than retaining the US Dollar on their balance sheet the firm have chosen Bitcoin as an asset.
MicroStrategy has not only added billions of dollars in Bitcoin to its balance sheet, but it has also pushed and motivated a number of other publicly traded companies to do the same.
Saylor is also credited with introducing Elon Musk and Tesla to the Bitcoin community.
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