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Increasing its holdings of bitcoin (BTC) on Wednesday was MicroStrategy (MSTR), the largest corporate buyer of the digital currency. 14,620 BTC were purchased by the business for around $615.7 million.
Twitter users were informed of the acquisition by Michael Saylor, the Executive Chairman of the firm. He said that for every bitcoin, MicroStrategy paid, on average, $42,110.
After making this acquisition, MicroStrategy currently holds 189,150 BTC, or almost $5.9 billion. The average price per bitcoin that the corporation paid for these bitcoins was $31,168.
August 2020 saw MicroStrategy’s first purchase of bitcoin. Prior to Wednesday, the business had only made one transaction, for around $608 million, in November when it purchased 16,130 Bitcoin.
MicroStrategy also raised $610.1 million from selling its shares in an at-the-market (ATM) offering of $750 million. The company revealed this in a separate filing. MicroStrategy had a profit of around $2 billion from its bitcoin holdings as of early December.
MicroStrategy is one of the most bullish companies on bitcoin. The company believes that bitcoin is a superior store of value and a hedge against inflation.
The company has made bitcoin its primary treasury reserve asset. The company has also issued debt to buy more bitcoin.
MicroStrategy’s bitcoin strategy has attracted attention and admiration from other investors and companies. Some of them have followed MicroStrategy’s example and bought bitcoin for their own portfolios.
MicroStrategy’s bitcoin purchases have also influenced the price and adoption of the cryptocurrency. The company’s purchases have increased the demand and scarcity of bitcoin, which have boosted its value and popularity.