MicroStrategy Buys More Bitcoin, Treasury Tops $4.5 Billion

MicroStrategy has continued its Bitcoin-buying spree and now holds a total of 152,333 digital coins—today worth $4.5 billion. 

A Wednesday filing with the U.S. Securities and Exchange Commission shows that the company bought 12,333 bitcoins for approximately $347 million in cash between April 29 and June 27. This marks the largest purchase so far for MicroStrategy.

The average purchase price of the Bitcoin it holds stands at approximately $29,668 per coin, the filing notes. 

MicroStrategy, which provides business intelligence, mobile software and cloud-based services, holds more Bitcoin than any other publicly traded company. 

The firm started buying the cryptocurrency back in August 2020; its co-founder Michael Saylor said at the time that the reason was as a hedge against inflation. Earlier today, he reshared the news about the company adding to its Bitcoin treasury on Twitter.

The biggest digital asset by market cap is up significantly from its price back then of under $12,000 per coin. Since 2020, Saylor has spoken about Bitcoin being “engineered, synthetic, pharmaceutical-grade gold.” 

MicroStrategy Buys More Bitcoin as Asset Nears Company’s Break Even Price

Bitcoin had a terrific quarter—up over 68% since the start of the year—and that’s led software giant MicroStrategy to double down on its crypto bet just as the company’s initial investment closes in on profitability.  The software company today announced it had bought another 1,045 coins, or $29.3 million into the asset. Now, MicroStrategy has spent a total of $4.1 billion on the world’s biggest cryptocurrency—making it the public company with the largest stash of Satoshis in the world.  Its lo...

Last month, Saylor said his company’s strategy “is to buy and hold Bitcoin, and the key for us is to be consistent, transparent and responsible in the pursuit of that strategy.”

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Despite Bitcoin having nosedived from its November 2021 all-time high of $69,044, MicroStrategy’s plan seems to be paying off: the company’s stock—which trades as MSTR on the Nasdaq—is up over 162% since its first Bitcoin buy in 2020. 

MicroStrategy is currently working on an “enterprise Lightning solution,” Saylor has said, to help companies move money quickly. The Lightning Network is a second-layer network which allows people to make Bitcoin transactions quickly and cheaply.