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American blockchain intelligence firm, MicroStrategy Incorporated has added another 5,445 Bitcoin (BTC) tokens to its bag, expanding its stance as one of the biggest institutional backers of the premier digital currency.
The MicroStrategy Bitcoin Portfolio
According to the update shared by Michael Saylor, the Chairman of the company, the latest addition, worth approximately $147.3 million was acquired at an average price of $27,053 per Bitcoin. According to his update, Saylor noted that the company as of September 24 holds a total of 158,245 BTC acquired for about $4.68 billion at an average price of $29,582 per Bitcoin.
MicroStrategy has acquired an additional 5,445 BTC for ~$147.3 million at an average price of $27,053 per #bitcoin. As of 9/24/23 @MicroStrategy hodls 158,245 $BTC acquired for ~$4.68 billion at an average price of $29,582 per bitcoin. $MSTR https://t.co/GbJtUoQfXv
— Michael Saylor⚡️ (@saylor) September 25, 2023
MicroStrategy’s positive stance in relation to Bitcoin acquisition remains a source of encouragement to the broader industry. With both criticism and accolades heaped on the company, its unwavering commitment to accumulating Bitcoin has allowed it to amass a substantial treasury reserve of the cryptocurrency, further solidifying its position in the crypto space.
Since the first quarter of 2023, the business has purchased 12,800 BTC at an average cost of $28,233 per coin for a total of $361.4 million. In the same time frame, the price of MicroStrategy’s stock increased by 200%. Meanwhile, MicroStrategy’s core business sales increased by 4% year over year, while subscription services revenue increased by 42% year over year.
Michael Saylor’s Vision
Michael Saylor, the visionary leader behind MicroStrategy’s crypto strategy, has been a vocal advocate for Bitcoin’s merits as a store of value and an inflation hedge. Saylor’s journey into the world of Bitcoin began in August 2020 when MicroStrategy made its first Bitcoin purchase.
Since then, the company has continued to accumulate Bitcoin in various tranches, often selling its stocks to leverage its purchases. Saylor’s strategic vision has not only provided MicroStrategy with a substantial Bitcoin reserve but has also inspired other major corporations and institutions to consider cryptocurrencies as strategic treasury assets.
As more companies and institutions follow MicroStrategy’s lead, the cryptocurrency market is likely to experience increased liquidity, stability, and recognition. Saylor’s steadfast belief in the long-term potential of Bitcoin has been vindicated as the cryptocurrency’s adoption and value have continued to rise despite periodic fluctuations.
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