In a strategic move to fortify its position in the cryptocurrency sphere, technology and business intelligence firm MicroStrategy has made a significant acquisition of 5,445 Bitcoin (BTC). This latest purchase amounts to approximately $147.3 million at an average price of $27,053 per Bitcoin. The acquisition was made public by MicroStrategy’s CEO, Michael Saylor, through a post on X on Monday.
Michael Saylor took to X to announce the acquisition, stating, “MicroStrategy has acquired an additional 5,445 BTC for ~$147.3 million at an average price of $27,053 per #bitcoin.”
This move underlines the company’s ongoing commitment to Bitcoin as an asset class and reflects its confidence in the long-term potential of cryptocurrency.
As of September 24, 2023, MicroStrategy now holds a substantial 158,245 Bitcoin, which were acquired at an average price of $29,582 per Bitcoin. The total value of the Bitcoin holdings acquired by the company amounts to approximately $4.68 billion. This demonstrates MicroStrategy’s substantial investment in the cryptocurrency market and its confidence in Bitcoin’s continued growth.
MicroStrategy’s CEO, Michael Saylor, has been a vocal advocate for Bitcoin, regularly expressing his bullish stance on the cryptocurrency. He views Bitcoin as a viable store of value and an effective hedge against inflation in the current economic climate. The latest acquisition aligns with Saylor’s strategic vision of incorporating Bitcoin as a fundamental part of the company’s treasury reserve.
This latest acquisition not only strengthens MicroStrategy’s position in the cryptocurrency market but also signifies the growing acceptance and integration of digital assets into traditional financial strategies. The move showcases the company’s proactive approach to adapting to the evolving financial landscape and embracing the potential of blockchain technology and cryptocurrencies.