MicroStrategy continues its Bitcoin buying spree, gobbling up another $615,700,000 worth of BTC
Business intelligence firm MicroStrategy has now accumulated more than $8 billion worth of Bitcoin (BTC) following its recent purchase of the flagship crypto asset.
In a post on the social media platform
The world's largest institutional Bitcoin holder also purchased 16,130 BTC for $593.3 million in November.
The latest acquisition brings MicroStrategy's total Bitcoin holdings to 189,150 BTC, worth over $8 billion at the asset's current price of $42,741.
MicroStrategy made its first Bitcoin purchase of 2020 when it bought 21,454 BTC for $250 million. The company said in a press release at the time that the leading cryptocurrency could serve as an adequate hedge against inflation and had the potential to generate higher returns compared to other assets.
Saylor, the company's CEO at the time, said the investment was part of a new capital allocation strategy to maximize long-term value for shareholders.
“This investment reflects our belief that Bitcoin, as the world’s most widely used cryptocurrency, is a reliable store of value and an attractive investment asset with greater long-term appreciation potential than holding cash.”
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