Business intel company MicroStrategy purchases another $15 million worth of bitcoin

United States-listed MicroStrategy announced it has bought around 253 Bitcoins for $15 million in cash.

The business intelligence group has been making headlines for its Bitcoin acquisitions. The fresh crypto haul was bought at an average price of $59,339 per BTC.

As a result, MicroStrategy now holds nearly 91,580 bitcoin at a total purchase price of $2.23 billion and at an average price of $24,311 per token.

According to a tweet from Michael Saylor, MicroStrategy chief executive officer and a recent U.S. Securities and Exchange Commission filing, the company unloaded $15 million in cash for its latest crypto investment.

First publicly traded corporation to invest in bitcoin

Shares of MicroStrategy have climbed in relation to the Bitcoin price. The world’s crypto market valuation reached $2 trillion Tuesday as institutional investors continue to flock to the space.

MicroStrategy became the first publicly listed corporation to pour a massive amount of money into Bitcoin in 2020 — starting a trend of adding crypto to its coffers.

Although many prominent companies like electric vehicle maker Tesla Inc also bought Bitcoins, MicroStrategy’s investment remains the biggest among the major companies.

Web portal bitcointreasuries.org shows the huge number of companies now owning bitcoin on their balance sheets. With Microstrategy’s recent investment, the website shows 1,373,295 BTC is being held by companies and corporate groups.

Strong belief in bitcoin as a store of value

MicroStrategy’s 1.3 million BTC represents 6.5% of the total supply of bitcoin in the market today. Other major holders of Bitcoins are Square and Grayscale, and both offer Bitcoin investment services.

“This investment reflects our belief that Bitcoin, as the world’s most widely adopted cryptocurrency, is a dependable store of value,” Finance Magnates quoted Saylor as saying.

While MicroStrategy continues to keep its Bitcoin, its unrealized profit has hit around $3.15 billion. The intelligence group made its first purchase of BTC in August last year and its last investment on March 12.

 

Image courtesy of Alesia Kozik/Pexels

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