MicroStrategy adds 3k more Bitcoin for $155m

Michael Saylor’s MicroStrategy has acquired more Bitcoin as the cryptocurrency jumped from around $41,000 at February’s beginning to over $50,000 as it draws to a close.

MicroStrategy scooped an additional 3,000 Bitcoin (), spending an estimated $155 million at an average price of $51,813 for its latest BTC buy. The company founded by Saylor now holds 193,000 of crypto’s leading assets.

MicroStrategy its BTC at an average price of $31,544 and has spent around $6 billion purchasing its crypto holdings, but it is worth nearly $10 billion at current prices. The company has over $4 billion in profits from its Bitcoin position and is one of the world’s largest corporate BTC holders.

MicroStrategy has been buying Bitcoin since 2020 when inflation and the COVID-19 pandemic threatened world economies. Saylor’s rationale was to use BTC as a hedge against the declining U.S. dollar. The company has utilized cash, , and to fund its BTC purchases.

Saylor has touted BTC as the ultimate crypto asset, pointing to its technological design that maintains a favorable demand-supply dynamic for holders.

According to MicroStrategy’s founder, outweighs its supply by 10 times. Only 21 million BTC will ever exist, and a quadrennial halving event ensures that scarcity is maintained as mining rewards are reduced every four years. Pseudonymous Bitcoin creator built the system.

Saylor also believes that spot BTC ETFs approved by the U.S. SEC have cushioned this model, allowing hundreds of millions of dollars to flow into Bitcoin through the exchange-traded fund wrapper and provide BTC exposure to Wall Street investors.

Spot BTC ETFs began trading on Jan. 11, and have amassed over $15 billion in assets under management (AUM) underpinned by over 250,000 Bitcoin. Saylor has famously his company has zero plans of selling its crypto holdings, and he will continue to buy the top.

Source: News – crypto.news