coinculture.com
MicroStrategy’s recent purchase of $623 million worth of Bitcoin, despite market fluctuations, demonstrates CEO Michael Saylor’s unwavering confidence in the cryptocurrency. This acquisition adds 9,245 BTC to their holdings, bringing their total to 214,246 Bitcoins, valued at over $7.5 billion.
Funding for this purchase came from convertible notes and cash reserves, with an average price of $67,382 per Bitcoin. Despite Bitcoin’s recent decline to $63,151, MicroStrategy remains committed to its investment strategy, with an average cost per Bitcoin of $35,160.
The decision to buy more Bitcoin comes amidst a bullish trend in the cryptocurrency market, with Bitcoin reaching new highs of over $73,000 following the SEC’s approval of 11 Spot Bitcoin ETFs. This indicates a strong belief among long-term investors, including high-profile figures like Saylor, in Bitcoin’s future growth potential.
Saylor has consistently advocated for Bitcoin and plans to continue investing, with over $500 million raised for future purchases. MicroStrategy’s aggressive approach to acquiring Bitcoin underscores its belief in cryptocurrency as a valuable long-term asset, regardless of short-term market fluctuations.
Under Saylor’s leadership, MicroStrategy has emerged as a significant advocate for cryptocurrency adoption, positioning Bitcoin as a cornerstone of its investment strategy and emphasising its potential for substantial growth over time.