- MicroStrategy has acquired an additional 9,245 BTC for approximately $623 million, exceeding $7.5 billion in total holdings.
- The company now holds more than 1% of Bitcoin’s total supply, underscoring its “forever bullish” stance.
- Michael Saylor reaffirms MicroStrategy’s commitment to a buy-and-hold Bitcoin strategy.
MicroStrategy, led by one of the biggest Bitcoin bulls in existence – Michael Saylor – has once again expanded its cryptocurrency holdings with a significant purchase of 9,245 BTC. This latest acquisition brings the company’s total Bitcoin holdings to a staggering 214,246 BTC, valued at over $7.5 billion in total.
According to a post on X (formerly Twitter) by Michael Saylor himself, MicroStrategy funded the BTC purchase with proceeds from convertible notes and excess cash. The average price per Bitcoin acquired was approximately $67,382. This move further solidifies MicroStrategy’s rather enviable position as one of the largest corporate holders of Bitcoin.
MicroStrategy has acquired an additional 9,245 BTC for ~$623.0M using proceeds from convertible notes & excess cash for ~$67,382 per #bitcoin. As of 3/18/24, $MSTR hodls 214,246 $BTC acquired for ~$7.53B at average price of $35,160 per bitcoin. https://t.co/oeYJGgiuy0
— Michael Saylor⚡️ (@saylor) March 19, 2024
Strategy and Market Impact
Saylor has repeatedly reaffirmed his unwavering belief in Bitcoin’s long-term potential, emphasizing a “buy and hold” strategy. MicroStrategy’s aggressive Bitcoin accumulation has turned the company into a proxy for BTC investment even before the first spot Bitcoin ETFs came onto the scene, with the company’s stock price often mirroring Bitcoin’s movements.
Their ongoing Bitcoin purchases undoubtedly highlight the growing institutional adoption of cryptocurrencies. As more corporations diversify their holdings with Bitcoin, it could lead to increased demand and potential price appreciation. The company’s bold move also adds more legitimacy to Bitcoin as an emerging asset class.
Bitcoin’s price – along with the rest of the overall crypto market – has pulled back quite a bit since reaching its new ATH of more than $70,000. With that said, MicroStrategy’s BTC stack is still definitely in the green, and only time will tell whether Saylor’s big bet on the world’s biggest cryptocurrency truly pays off.
