Companies are increasing their Bitcoin holdings, and MicroStrategy continues to lead the way.
Business intelligence software maker MicroStrategy announced that it acquired 5,050 Bitcoins to bolster its balance sheet. The company remains the largest corporate holder of Bitcoins and continues to add to its holdings.
MicroStrategy disclosed yesterday that it purchased more than 5,000 Bitcoins for approximately $242.9 million. That implies an average purchase price of roughly $48,000 per coin, with Bitcoin trading near that level in recent days.
Following this latest acquisition, MicroStrategy now holds 114,042 Bitcoins. The company has spent $3.16 billion acquiring those coins at an average price of $27,713 per BTC. At current prices, MicroStrategy’s Bitcoin holdings are worth roughly $5.1 billion.
Led by Michael Saylor, MicroStrategy has been strongly bullish on Bitcoin for several years. The company has increased its exposure by selling shares and raising capital through debt offerings and other means.
In the third quarter of 2021, MicroStrategy reported purchasing 8,957 Bitcoins for $419.9 million. Last month, it spent $177 million to buy 3,907 Bitcoins at an average price of about $45,294 per BTC.
MicroStrategy has purchased an additional 3,907 bitcoins for ~$177 million in cash at an average price of ~$45,294 per #bitcoin. As of 8/23/21 we #hodl ~108,992 bitcoins acquired for ~$2.918 billion at an average price of ~$26,769 per bitcoin. $MSTRhttps://t.co/8jUlJImJbO
— Michael Saylor (@saylor) August 24, 2021
MicroStrategy is primarily known for developing business intelligence software, but the 32-year-old company has been in the spotlight recently because of its Bitcoin strategy. Acquiring Bitcoin has effectively become a corporate mandate, as Saylor believes the leading cryptocurrency will be worth significantly more in the future.
The company’s Bitcoin holdings are the largest among public firms. Some investors seeking indirect exposure to Bitcoin choose to buy MicroStrategy stock. Bitcoin and the broader cryptocurrency market have faced volatility in recent days.
BTC has gained about 1.2% in the last 24 hours and is trading just above $45,000 per coin. It fell roughly 14% over the past week after losing ground above the $52,000 level a few days ago.