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MicroStrategy Buys More Bitcoin Despite Crypto Turmoil

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MicroStrategy, the big player in Bitcoin, has recently purchased more despite the turmoil in the cryptocurrency market, reinforcing its bullish outlook on Bitcoin.

Michael Saylor, the executive chairman of MicroStrategy, announced on the 30th that the company invested $7.8 million this month alone, purchasing an additional 122 units of Bitcoin. With this purchase, MicroStrategy now holds 214,400 units of Bitcoin, bought at an average price of $35,180 each.

Phong Le, MicroStrategy’s CEO, explained, “As the world’s first Bitcoin corporate adopter, MicroStrategy is doing its best to contribute to the continuous development of the Bitcoin network through its activities in the financial market and technological innovation. This additional purchase is based on our Bitcoin strategy and solid performance.”

MicroStrategy invested $250 million when it entered the Bitcoin market in August 2020. Since then, the company has consistently increased its holdings, implementing a Bitcoin treasury reserve strategy worth over $15.5 billion.

MicroStrategy also purchased an additional 12,000 units of Bitcoin between February 26 and March 10, investing $821.7 million. The average purchase price was $68,477 each. The total investment in Bitcoin for the first three months of this year exceeded $1 billion.

At the beginning of this month, CEO Saylor once again expressed his support for Bitcoin through his X (formerly Twitter) account. Saylor emphasized, “If you want to bet on the future, invest in Bitcoin.”

With the additional Bitcoin purchases, MicroStrategy’s CFO, Andrew Kang, stated, “We have raised over $1.5 billion, including two successful convertible bond issuances in the first quarter, as part of our capital market strategy. Since the end of the fourth quarter, we have secured an additional 25,250 units of Bitcoin, marking 14 consecutive quarters of purchases.”

He continued, “The combination of our operational structure, Bitcoin strategy, and focus on technological innovation is providing a unique opportunity to create value for our shareholders. The price of Bitcoin has risen significantly over the past year, particularly due to increased institutional demand following the approval of a Bitcoin spot ETF.”

theguru
content@viewusglobal.com

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