MicroStrategy, a company known for its unwavering belief in Bitcoin, has further solidified its position as a major player in the cryptocurrency space.
MicroStrategy, a company known for its unwavering belief in Bitcoin, has further solidified its position as a major player in the cryptocurrency space. According to a recent filing with the US government, the company has scooped up an additional 3,000 BTC over the past ten days, bringing its total holdings to a staggering 193,000.
This latest purchase cost MicroStrategy roughly $155.4 million, bringing their total Bitcoin investment to $6.09 billion. However, at the current price of $53,283 per Bitcoin, their holdings are currently valued at a much higher $10.28 billion.
Despite this significant profit potential, MicroStrategy's co-founder and executive chairman, Michael Saylor, has repeatedly stated that the company has no intention of selling its Bitcoin in the foreseeable future. He even proclaimed, "Bitcoin is the exit strategy."
This recent purchase comes on the heels of a major rally for Bitcoin, fueled by the historic approval of spot Bitcoin ETFs and anticipation surrounding the upcoming Bitcoin halving in April. This event will significantly reduce the number of new BTC created, potentially driving the price even higher.
This comes after MicroStrategy purchased another 850 BTC for $37.2 million in January. During their Q4 2023 earnings call, Saylor claimed that 2024 marks "the birth of Bitcoin as an institutional-grade asset class," even calling it "the first new asset class of the modern era."
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