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Microstrategy increases Bitcoin holdings by 27% and now owns 90,531 BTC

The business intelligence firm bought $1 billion in Bitcoin at an average price of around $52,765 per BTC.

Image by VIN JD from Pixabay

Fri, 26 Feb 2021, 06:29 am UTC

The crypto market’s recent correction, which saw Bitcoin fall from $58,000 to as low as $$45,501, has not deterred some BTC-owning firms from acquiring more of the cryptocurrency. For instance, Microstrategy recently announced that it has significantly increased its exposure in the crypto asset by buying $1 billion worth of Bitcoin.

MicroStrategy increased its Bitcoin holdings with its purchase of 19,452 BTCs, according to Cointelegraph. The business intelligence firm acquired the crypto at an average price of around $52,765 per coin for a total purchase price of just over $1 billion.

The company has increased its BTC holding by a massive 27 percent with its recent purchase. At the moment, Microstrategy now owns 90,531 BTC.

“As of February 24, 2021, the Company holds an aggregate of approximately 90,531 bitcoins, which were acquired at an aggregate purchase price of approximately $2.171 billion and an average purchase price of approximately $23,985 per bitcoin, inclusive of fees and expenses,” Microstrategy announced in a blog post.

MicroStrategy CEO Michael Saylor said that Bitcoin investing, along with the growth of its software enterprise, is now one of the company’s focuses. “The Company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin,” Saylor said.

With more than 90,000 BTCs, Microstrategy cements is position as the number one publicly traded firm with the largest Bitcoin holdings. However, it appears that that the company has no plans of stopping its Bitcoin buying soon after reaffirming its belief that the crypto “can serve as a dependable store of value.”

“We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin,” Saylor explained.

The CEO said last year that Microstrategy’s investment in Bitcoin is for the long haul. “This is not a speculation, nor a hedge,” Saylor explained the company’s decision to invest $250 million in Bitcoin in October 2020. “It is a deliberate corporate strategy to adopt the Bitcoin Standard.”

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