CompaniesGlobal News

MicroStrategy’s Latest Purchase Swells Holdings to $5.28 Billion, How Many Bitcoins Did it Buy?

MicroStrategy, a prominent business intelligence firm, announced a significant addition to its Bitcoin holdings, acquiring an additional 16,130 Bitcoins for approximately $593.3 million.

This latest move bolsters MicroStrategy’s impressive Bitcoin treasury to 174,530 Bitcoins, obtained for $5.28 billion at an average price slightly above $30,000 per Bitcoin.

Michael Saylor, the founder and Executive Chairman of MicroStrategy, shared the news via X, revealing that the company secured this latest tranche of Bitcoin at an average price of $36,785 per Bitcoin. The value of the firm’s Bitcoin holdings now amounts to over 70% of MicroStrategy’s total stock market valuation, which currently stands at $7.3 billion.

MicroStrategy’s treasury of Bitcoins is way larger than that of its nearest institutional counterpart, Bitcoin miner Marathon Digital, which holds 13,726 Bitcoins valued at $517 million based on current prices, according to data from Bitcoin Treasuries.

This move marks another milestone in MicroStrategy’s journey with Bitcoin, initiated in August 2020, where the firm made its first substantial Bitcoin purchase. Since then, MicroStrategy has consistently augmented its Bitcoin holdings despite the cryptocurrency’s price volatility.

Saylor emphasized that Bitcoin serves as a reserve asset for the enterprise software company, offering a hedge against inflationary pressures.

As of the latest update, Bitcoin (BTC) is trading at $37,740, reflecting a -1.3% change over the past 24 hours, according to Coingecko.

News Desk

Unlock News Desk, is a group of Blockchain and Crypto enthusiastic young people, working to keep Unlock readers up to date with the industry news. Connect with the team via email: info(@)unlock-bc.com

Related Articles

Back to top button