MicroStrategy, a leading business intelligence company and the largest corporate holder of bitcoin, has announced a significant increase in its bitcoin holdings. The company has acquired 14,620 more bitcoins for $615.7 million, bringing its total bitcoin holdings to 189,150 bitcoins, worth over $10 billion at current prices.
The company’s CEO, Michael Saylor, revealed the news on X (formerly Twitter), stating that the company purchased the bitcoins at an average price of $42,110 per bitcoin. He also shared a link to the SEC filing that confirmed the transaction.
MicroStrategy has been one of the most vocal and active supporters of bitcoin as a store of value and a hedge against inflation. The company started buying bitcoin in August 2020 and has since raised billions of dollars through equity and debt offerings to fund its bitcoin purchases.
The company’s bitcoin strategy has paid off handsomely, as the price of bitcoin has surged more than 300% since its first purchase. MicroStrategy’s stock price has also benefited from its bitcoin exposure, rising more than 400% in the same period.
MicroStrategy’s latest bitcoin purchase comes amid growing anticipation of a potential approval of a bitcoin exchange-traded fund (ETF) by the SEC, which could boost the demand and adoption of bitcoin among institutional and retail investors.
