MicroStrategy, the software giant announced on Monday that they have purchased an additional $15 million worth of Bitcoin at $59,389 apiece. The latest addition of 253 Bitcoins takes MicroStrategy’s total holding to 91,579 bitcoins with a $2.226 total investment.
Michael Saylor, the CEO of the software giant and one of the biggest bitcoin proponent at present took to Twitter to announce the news, just days after people were discussing the delay in the company’s next bitcoin purchase.
MicroStrategy has made a series of Bitcoin investments starting from August last year which comprised direct cash purchases using treasury reserve and raising debt security equivalent to $1.65 billion in two fundraisers.
MicroStrategy is counted among early investors which is evident from their Bitcoin profit which has reached over $3 billion at bitcoin’s current price. The total valuation of MicroStrategy’s Bitcoin holding stands at $5.29 billion.
The idea to use Bitcoin as a treasury hedge asset was initiated by Michael Saylor who made the decision based on declining US Dollar value and the bond market. Saylor also advocated for other Fortune 500 companies to add Bitcoin to their list and even claim that his interaction with Elon Musk was the reason behind Tesla’s decision to make a $1.5 billion purchase.
Saylor who led a recent Bitcoin conference organized by his firm attracted over 1400 CEOs from publically traded companies. Saylor revealed that an estimated $25 billion is expected to flow into the Bitcoin market from institutional investors. He also recently shut down rumors about the possibility of his company selling their holding saying he would never sell his Bitcoin and famously said,
My loyalty to Bitcoin is Forever
MicroStrategy is currently leading the Bitcoin adoption curve by institutions and has revealed that it would continue its Bitcoin investment through direct cash purchases as well as through security debt offering.
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