MicroStrategy Buys Additional 18,300 Bitcoin (BTC)

U.Today - American business intelligence and software firm MicroStrategy Inc. has purchased another Bitcoin (BTC). In an announcement shared on X, Michael Saylor revealed that the firm bought 18,300 BTC for approximately $1.11 billion at approximately $60,408 per Bitcoin.

MicroStrategy and consistencyThe software giant is now more recognized as a Bitcoin bull than its primary business venture. As Michael Saylor noted, the firm has now increased its total Bitcoin bag to 244,800 BTC, which it acquired for approximately $9.45 billion at roughly $38,585 per Bitcoin.

The firm is now one of the biggest corporate holders of Bitcoin, a feat it achieved over four years. The company started buying Bitcoin in August 2020 as the COVID-19 pandemic triggered an economic crisis that rendered the U.S. dollar less valuable. Convinced of its bets, the firm has grown its holdings despite criticism and fluctuating portfolio valuation.

Since then, the firm has used every opportunity to buy the coin. On several occasions, MicroStrategy even issued Convertible Senior Notes, a debt offering to buy more Bitcoin.

Overall, the company’s bets have paid off. In the latest update, Michael Saylor said the company has achieved a BTC yield of 4.4% QTD and 17.0% YTD. Its share price is also one of the best performing on Wall Street at the moment.

Influencing new Bitcoin HODLersAs MicroStrategy has made its mark in the crypto world, Saylor’s consistent advocacy for BTC has drawn new buyers. One of the most consistent as of today is Metaplanet, a Japanese investment firm.

Metaplanet has a relatively smaller Bitcoin portfolio, but it has remained consistent in its accumulations, just like MicroStrategy. The Japanese firm has also been selling securities to acquire more digital currency.

With Bitcoin about 20% below its all-time high (ATH), these HODLers are confident in the prospect of massive returns soon.

Source: Investing.com