MicroStrategy buys an additional $37.2 million worth of BTC ahead of the Bitcoin halving

Software company MicroStrategy bought even more Bitcoin (BTC) earlier this year, the company announced.

In January, MicroStrategy purchased 850 BTC at a price of $37.5 million, Saylor wrote on X (formerly Twitter) on Tuesday. The company confirmed the recent purchase in its fourth quarter 2023 earnings presentation.

The company now owns 190,000 BTC. At today’s price, that’s $8.2 billion worth of digital coins.

The Tyson, Virginia-based company, which sells data analysis software, said in December that it had purchased 14,620 BTC for about $616 million at the end of the year.

MicroStrategy first purchased BTC in August 2020. Saylor said the idea was to provide shareholders with a better return since the company had so much cash.

BTC is the safest long-term investment and an inflation hedge, Saylor said at the time. Since then, he has been talking about how the largest cryptocurrency by market capitalization is “digital gold” and a “bank in cyberspace.”

The company's stock with its BTC strategy has risen 240% since it began buying cryptocurrencies.

Saylor also talks about rising BTC prices – especially after the halving. In April, BTC's network will undergo a change that will see the rewards for miners who keep the network running and produce BTC halved.

Put simply, this means the cryptocurrency will become more scarce than it already is and people will therefore pay more for it, some experts say.

Saylor has repeatedly told news media that the halving will lead to an increase in the price of BTC. And he might be right: after the last three halving events in BTC's history, the digital coin's price has increased.

MicroStrategy is by far the largest public holder of BTC.

Edited by Ryan Ozawa.

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