Business analytics company MicroStrategy has increased its holdings of Bitcoin (BTC), reiterating CEO Michael Saylor’s strong perspective on the digital asset in spite of recent setbacks.
MicroStrategy CEO Michael Saylor announced in a tweet on Wednesday that the firm has spent $10 million on an additional 480 Bitcoin, at an average cost of $20,294 per Bitcoin.
Michael Saylor is still optimistic about the long-term potential of Bitcoin, and the Entrepreneur reaffirmed to his 2.5 million Twitter followers that the company intends to “HODL through adversity” and has no intentions to sell its holdings.
Since their initial purchase in August 2020, Michael Saylor and MicroStrategy have steadily expanded their holdings of Bitcoin at various price points, demonstrating their unwavering commitment to the leading cryptocurrency.
The firm is now the largest corporate Bitcoin holder as it currently holds approximately 129,699 bitcoins. They began acquiring Bitcoin for its balance sheet in August 2020. Their total stash cost around $4 billion to acquire at an average of $30,664 per coin, meaning the firm’s investment has a net unrealized loss of almost $1.4 billion.
MicroStrategy is a vendor of business intelligence (BI) application software. Numerous features on its main platform are intended to support businesses in making data-driven choices and streamlining operational procedures. The corporation recorded first-quarter revenues of $119.3 million. The quarter’s gross profit was $93.6 million.