In a move that highlights its dedication to Bitcoin, MicroStrategy has purchased an additional $1.11 billion worth of the cryptocurrency. Under the leadership of CEO Michael Saylor, the software intelligence firm continues to embrace Bitcoin as a core part of its strategy, solidifying its reputation as one of the most prominent corporate investors in the digital asset.
MicroStrategy’s Massive BTC Accumulation
MicroStrategy’s latest acquisition brings its total Bitcoin holdings to an astounding 244,800 BTC, according to a post on X (formerly Twitter). The company has spent over $9.4 billion accumulating its vast Bitcoin reserve. This most recent purchase adds another 18,300 BTC to the company’s portfolio, acquired at an average price of $60,408 per Bitcoin.
Despite fluctuations in Bitcoin’s market value, Saylor’s commitment to the cryptocurrency remains unwavering. MicroStrategy’s total holdings are now valued above $9 billion, with the firm’s average purchase price sitting at $38,585 per BTC.
Also Read: MicroStrategy’s Q2 Earnings: Bitcoin Holdings Reach $14.7 Billion
A Strong Year for Bitcoin and MicroStrategy
The year 2024 has proven to be pivotal for Bitcoin and the broader cryptocurrency market. Bitcoin surged to an all-time high of $73,000 early in the year, buoyed by the approval of the first crypto-based exchange-traded fund (ETF) in the United States. Even as the market experienced some downturns, Bitcoin’s resilience continues to prove its staying power, with strong advocates like Saylor reaffirming its long-term potential.
In addition to its latest purchase, MicroStrategy reported a Bitcoin yield of 4.4% quarter-to-date (QTD) and 17% year-to-date (YTD), reflecting the company’s strong performance in its BTC holdings amid market volatility.
Michael Saylor’s Vision for Bitcoin
Michael Saylor has long been one of Bitcoin’s most vocal proponents, and his bullish outlook for the asset remains as strong as ever. In a recent interview with CNBC, Saylor predicted that Bitcoin could reach a staggering $13 million per coin within the next 20 years. He also projected that Bitcoin could capture as much as 7% of global capital, becoming a cornerstone of the global financial system.
Saylor’s confidence in Bitcoin as a transformative asset underscores MicroStrategy’s strategy of continuously accumulating BTC, positioning the company at the forefront of the crypto revolution.
