MicroStrategy has added 1,045 Bitcoin to its growing crypto treasuries for $29.3 million, taking its total holdings to 140,000 BTC worth over $12.6 billion, as the company continues to invest in Bitcoin as a reserve asset.
MicroStrategy, the American business intelligence firm, has added 1,045 Bitcoin to its already substantial crypto treasury for approximately $29.3 million. This brings their total holdings to 140,000 BTC, worth over $12.6 billion as of April 5, 2023.
The news was announced by Microstrategy’s executive chairman, Michael Saylor, in a tweet. Saylor has been an outspoken advocate for Bitcoin and has been leading the charge for corporations to adopt the largest cryptocurrency as a strategic asset.
Saylor believes that Bitcoin is the most secure and reliable store of value that exists in the market today, and that it offers a unique opportunity for businesses to protect their assets from inflation.
MicroStrategy made its first Bitcoin purchase in August 2020, and has been consistently adding to its holdings ever since. The latest purchase brings their total amount of Bitcoin owned to over $12.6 billion, which is a testament to the company’s confidence in the long-term potential of the cryptocurrency.
Saylor’s company seems to have a dollar cost averaging strategy in place, but on a grand scale. MicroStrategy has been using Bitcoin as a hedge against economic uncertainty, and it appears to be paying off.
Overall, MicroStrategy’s latest acquisition is further proof that the company is committed to Bitcoin as a reserve asset, and it will be interesting to see if other companies follow in their footsteps.