Business intelligence giant MicroStrategy is strengthening its position in the crypto world with an impressive purchase of 14,620 BTC worth $615.7 million. CEO Michael Saylor remains bullish on Bitcoin and aims to own up to 1% of the total Bitcoin supply. Let’s take a look at the recent developments and the strategy behind this impressive investment.
MicroStrategy mega deal: $615 million for 14,620 BTC
MicroStrategy recently disclosed to the Securities and Exchange Commission (SEC, also known as the US financial regulator) that it made a significant purchase of 14,620 BTC between November 30, 2023 and December 26, 2023. This remarkable transaction is worth $615.7 million, with the average price per Bitcoin being $42,110. This purchase follows a previous transaction in September 2023, in which the company acquired 5,445 Bitcoins.
MicroStrategy purchased another 14,620 BTC for approximately $615.7 million at an average price of $42,110 each #bitcoin. as or 26/12/23, @MicroStrategy Now there are 189,150 $BTC for approximately US$5.9 billion at an average price of US$31,168 per Bitcoin. $MSTR https://t.co/PKfYY59sTW
-Michael Saylor⚡️ (@saylor) December 27, 2023
Establish dominance
With this latest purchase, MicroStrategy now owns a whopping 189,150 BTC, an estimated price of $5.9 billion. This puts the company on the brink of owning 1% of the total Bitcoin supply. MicroStrategy’s Bitcoin portfolio valuation represents approximately 0.7% of the total market capitalization of major digital assets.
Michael Saylor’s point of view
Despite recent price fluctuations in the cryptocurrency market, MicroStrategy remains unchanged in its positive view of Bitcoin. CEO Michael Saylor, an outspoken supporter of Bitcoin, sees the cryptocurrency as the currency of the future. This optimism is reflected in MicroStrategy’s continued strategy to accumulate significant amounts of Bitcoin as a strategic part of its corporate capital.
MicroStrategy’s proactive approach to cryptocurrency investing is in line with the general trend of growing institutional interest in digital assets. While Bitcoin is seen as a valuable hedge against inflation and as a store of value, companies like MicroStrategy are capitalizing on the opportunities presented by the evolving crypto market.
MicroStrategy as a player in the crypto sector
The recent purchase of Bitcoin for $615 million strengthens MicroStrategy’s position as a major player in the crypto world. Continued confidence in Bitcoin’s future potential is reflected in the company’s strategic accumulation of digital assets, cementing its position as a major holder in the ever-expanding world of cryptocurrencies.
Source: BTC Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
