Business units are increasing their bitcoin holdings and MicroStrategy continues to lead in this regard
Business intelligence software company MicroStrategy announced that it has acquired 5,050 bitcoins to include on its balance sheet. The company remains the largest Bitcoin owner among companies and wants to add more to its balance sheet.
The company announced yesterday that it had bought more than 5,000 bitcoins for about $ 242.9 million. This implies that it bought the coins for around $ 48,000 each, with Bitcoin’s price trading in that region for the past few days.
Following this latest acquisition, MicroStrategy now holds 114,042 bitcoins. MicroStrategy spent $ 3.16 billion to purchase the coins at an average price of $ 27,713 per BTC. At current price, MicroStrategy’s Bitcoin holdings are worth around $ 5.1 billion.
The company run by Michael Saylor has been very optimistic about Bitcoin in recent years. It has increased its exposure to Bitcoin by selling some of its stocks and also raising funds through bonds and other means.
In the third quarter of 2021, MicroStrategy announced that it had purchased 8,957 bitcoins for $ 419.9 million. Last month, the company spent $ 177 million buying 3,907 bitcoins at an average price of about $ 45,294 per BTC.
MicroStrategy is known for developing business intelligence software. However, the 32-year-old has come into the spotlight in recent months due to its bullish stance on Bitcoin. Acquiring bitcoins is now the company’s mandate as Saylor believes the leading cryptocurrency will be worth a lot more in the future.
The company’s bitcoin holdings are the largest among the companies. Some investors looking to get indirect exposure to Bitcoin do so by purchasing the shares of MicroStrategy. Bitcoin and the broader cryptocurrency market have struggled for the past few days.
BTC is up 1.2% in the past 24 hours and is trading just over $ 45,000 per coin. It is down 14% in the past week after dropping its price above the $ 52,000 mark a few days ago.