U.Today – American business intelligence and software company MicroStrategy Inc. has purchased another (BTC). In an announcement shared on X, Michael Saylor revealed that the company purchased 18, for approximately $1.11 billion at approximately $60,408 per Bitcoin.
MicroStrategy and consistency
The software giant is now more recognized as a Bitcoin enthusiast than its core business. As noted by Michael Saylor, the company has now increased its total Bitcoin portfolio to 244,800 BTC, which it acquired for approximately $9.45 billion at about $38,585 per Bitcoin.
The company is now one of the largest corporate holders of Bitcoin, a feat it achieved in four years. The company began buying Bitcoin in August 2020, when the COVID-19 pandemic triggered an economic crisis that caused the US dollar to lose value. Confident in its bets, the company has increased its holdings despite criticism and fluctuating portfolio valuation.
Since then, the company has taken every opportunity to buy the currency. On several occasions, MicroStrategy even issued convertible senior bonds, a debt offering to buy more bitcoins.
Overall, the company’s bets have paid off. In the latest update, Michael Saylor said that the company has achieved a BTC return of 4.4% in the quarter and 17.0% so far this year. Its stock price is also one of the best performers on Wall Street right now.
Influencing New Bitcoin HODLers
As MicroStrategy has made its mark in the crypto world, Saylor’s continued advocacy for BTC has attracted new buyers. One of the most consistent to date is Metaplanet, a Japanese investment firm.
Metaplanet has a relatively smaller bitcoin portfolio, but has remained consistent in its accumulations, as has MicroStrategy. The Japanese firm has also been selling securities to acquire more of the digital currency.
With Bitcoin roughly 20% below its all-time high (ATH), these HODLers are confident about the prospect of massive returns soon.
This article was originally published on U.Today
