MicroStrategy adds 1,045 Bitcoin to their increasing crypto stash
April 6, 2023 5:50 AM
MicroStrategy has increased its Bitcoin holdings by 1,045 for a total expenditure of $29.3 million, valuing the company's cryptocurrency reserves at approximately $12.6 billion.
American business intelligence provider MicroStrategy has revealed that it had acquired 1,045 Bitcoin (BTC) at an average price of $28,016 per BTC, for a total of $29.3 million. Michael Saylor, executive chairman of MicroStrategy, made the announcement through Twitter on April 5.
MicroStrategy has acquired 140,000 BTC at an average price of $29,803 per BTC, costing the company almost $4.17 billion as of April 5, 2023. Although the corporation continues to hold Bitcoin as a reserve asset, this announcement marks a major step forward.
Saylor is a vocal supporter of Bitcoin and has been a driving force behind the movement to have enterprises adopt the largest cryptocurrency as a strategic asset. Saylor has said on multiple occasions that Bitcoin is the safest and most stable store of value available and presents a once-in-a-generation chance for businesses to safeguard their holdings against inflation.
At the end of March, Saylor's MicroStrategy returned its Silvergate debt and made an investment of 6,500 BTC. The corporation looks to be employing dollar-cost averaging with massive sums of money in its Bitcoin approach.
In August of 2020, MicroStrategy made its first Bitcoin purchase, and since then, the company has been steadily increasing its Bitcoin holdings. MicroStrategy has now invested over $12.6 billion into Bitcoin thanks to their most recent purchase, demonstrating their faith in the cryptocurrency's future value.