Business intelligence firm MicroStrategy continues to solidify its status as the world’s largest corporate holder of Bitcoin (BTC) with its most recent purchase of the flagship digital asset.
In a new thread, MicroStrategy founder Michael Saylor says that the company bought an additional 850 BTC for a price of about $37 million in January.
The acquisition brought the company’s total Bitcoin holdings to 190,000 BTC at a total cost of $5.93 billion, or $31,224 per Bitcoin, as of earlier this week, according to a press release by MicroStrategy.
As stated by Phong Le, the president and chief executive of MicroStrategy, in an earnings call, according to The Motley Fool.
“Today, MicroStrategy is the largest corporate holder of Bitcoin in the world, holding 190,000 Bitcoins with a total Bitcoin market value of $8.1 billion as of yesterday.
In 2023, we acquired 56,650 Bitcoins for a total purchase cost of $1.9 billion, an average price of $33,580. In 2024 so far, we’ve acquired an additional 850 [BTC] for a total purchase cost of $37 million.
Over the past year, we’ve seen Bitcoin mature further as an institutional-grade asset class with broader regulatory recognition and institutional adoption.”
In the earnings call, Saylor confirms that MicroStrategy is going to do everything in its power as a company to further the Bitcoin network and continue to accumulate the crypto king.
“The question is what’s MicroStrategy going to do in order to support the Bitcoin network and in order to benefit our shareholders from these trends? Well, as you can see, and as we’ve said, we view ourselves as a Bitcoin development company. And then – what does that mean?
Well, that means we’re going to do everything we can to grow the Bitcoin network. We’re going to do everything we can to acquire more Bitcoin, and we’re going to do everything we can to benefit our shareholders and do this in an accretive fashion. And when we consider our options and our unique strengths, we boil it down to four.”
Bitcoin is trading for $44,509 at time of writing, a 3.08% gain during the last 24 hours.
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- Source: https://dailyhodl.com/2024/02/08/microstrategys-bitcoin-stash-grows-to-190000-btc-after-adding-37200000-worth-in-january/
