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MicroStrategy, a prominent software company specializing in business intelligence solutions, has reaffirmed its commitment to Bitcoin (BTC) with a substantial investment.
On Wednesday, the company disclosed the acquisition of 14,620 BTC, valued at approximately $615.7 million. This move elevates MicroStrategy’s total Bitcoin holdings to an impressive 189,150 BTC, worth around $5.9 billion.
Michael Saylor, the company’s executive chairman, shared on X that the average price per bitcoin in this latest transaction stood at $42,110.
MicroStrategy has acquired an additional 14,620 BTC for ~$615.7 million at an average price of $42,110 per #bitcoin. As of 12/26/23, @MicroStrategy now hodls 189,150 $BTC acquired for ~$5.9 billion at an average price of $31,168 per bitcoin. $MSTR https://t.co/PKfYY59sTW
— Michael Saylor⚡️ (@saylor) December 27, 2023
MicroStrategy and Its Bitcoin Journey
MicroStrategy initiated its foray into the realm of Bitcoin in August 2020, marking its inaugural purchase of 21,454 BTC for $250 million. Since this initiation, the company has consistently expanded its Bitcoin portfolio, executing multiple acquisitions in subsequent months. Noteworthy among these was the November 2020 purchase, involving 16,130 BTC at a cost of $608 million.
To fuel its Bitcoin acquisitions, MicroStrategy has adeptly leveraged financial support from its shareholders. In December 2020, the company successfully concluded an at-the-market (ATM) share offering, raising $750 million. The lion’s share of this amount, $610.1 million, was promptly directed towards further Bitcoin acquisitions.
MicroStrategy’s bold venture into Bitcoin has proven lucrative, with its stock witnessing an impressive surge of nearly 315% year-to-date. Simultaneously, Bitcoin itself experienced a 170% increase in value.
Also, MicroStrategy has reported a substantial profit, approximately $2 billion, derived from its Bitcoin holdings as of early December.
The software company’s unwavering confidence in Bitcoin stems from its belief in the cryptocurrency as a superior store of value and a reliable hedge against inflation and currency devaluation. Moreover, MicroStrategy views Bitcoin as a strategic tool to enhance shareholder value and attract new investors.
While MicroStrategy stands out as a trailblazer in corporate Bitcoin investments, its substantial holdings have piqued the interest of other corporate leaders. The potential emulation of MicroStrategy’s approach could herald a broader trend of companies incorporating Bitcoin into their treasury management strategies.
As more corporations join the Bitcoin bandwagon, the cryptocurrency’s path toward mainstream acceptance and adoption may be further paved, potentially propelling its price to new heights in the future.
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