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MicroStrategy Boosts Bitcoin Holdings, Buying Another $347 Million


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Alex Lari

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MicroStrategy is further expanding its existing bitcoin holdings following a successful month for the world’s most renowned digital money, adding $347 million worth of bitcoin to its coffers.

In a recent filing with the Securities and Exchange Commission, MicroStrategy, led by co-founder and chairman Michael Saylor, revealed its latest acquisition of 12,333 bitcoin for approximately $347 million. This purchase expands the company’s overall bitcoin inventory to 152,333, purchased at an average price of $29,668 for a total of $4.52 billion, as shared by Saylor on Twitter.

As of Thursday morning, bitcoin’s trading value experienced a 2.8% raise from its low of $29,900 a few days ago, reaching $30,600.

Back in April, the company secured 1,045 bitcoin through a cash transaction, amounting to around $29.3 million. The average purchase price for each bitcoin was $28,016.

Related reading : MicroStrategy Adds Another 1,045 Bitcoin to Holdings for $23.9M
Related reading : MicroStrategy Buys 480 More Bitcoin

Under Saylor‘s leadership, MicroStrategy initiated a significant bitcoin acquisition strategy, accumulating billions of dollars worth of the digital money.

Despite stepping down as CEO in August, Saylor retains his position as chairman and holds a majority stake in the company. Saylor’s rationale behind these extensive bitcoin purchases was driven by his belief that inflation would diminish the value of cash.

By the end of the first quarter of 2022, MicroStrategy‘s bitcoin holdings amounted to approximately $5.9 billion in value.

Throughout the company’s push into bitcoin investments starting in 2020, the price fluctuations of bitcoin have frequently influenced the performance of MicroStrategy’s stock. However, Saylor notes that since MicroStrategy implemented its strategy in August 2020, bitcoin has seen a significant increase of 159%.

In July 2020, prior to the commencement of Michael Saylor’s Bitcoin buying campaign, the company’s shares were traded at around $123. Subsequently, they surged to a peak of $1,272 in February 2021. As of Thursday morning, the stock was observed to be trading near $326.

Despite the price drawdowns of bitcoin since its all-time high, Saylor remains confident in his dedication to it. Recently, the chairman of MicroStrategy expressed his belief that bitcoin has the potential to comprise 80% of the entire digital asset market. This statement comes at a time when bitcoin’s market dominance exceeded 50% in June, marking the first occurrence in two years.

Related reading : Bitcoin Dominance Surges, Accounting For Almost 50% of The Entire Digital Assets Market

In an interview with Bloomberg earlier this month, Saylor highlighted his perspective, stating, “The entire industry is likely to shift focus, ultimately leading to a bitcoin-centric industry, accompanied by perhaps half a dozen to a dozen other proof-of-work tokens.”

MicroStrategy is not alone in venturing into bitcoin investments, as numerous companies and hedge funds have allocated portions of their portfolios to it over the years. Notable examples include Tesla and Galaxy Digital Holdings, both of which have acquired hundreds of millions of dollars’ worth of bitcoin.

The world’s largest digital asset, bitcoin, has experienced a robust month, surpassing the $30,000 mark. Amid this positive performance, the company that possesses the most substantial bitcoin holdings is further adding to its coffers.

This recent purchase looks like an undeniable sign of the confidence the multibillion dollar business software company has in bitcoin’s future.

MicroStrategy currently has a net worth of $4.22 billion. Its market cap has increased by 122.84% in one year.

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