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bitcoin

MicroStrategy Expands Bitcoin Holdings With 21,550 BTC Purchase For $2.1 Billion

Ash Tiwari
by Ash Tiwari
9 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

MicroStrategy, a US-based business intelligence firm, has expanded its Bitcoin (BTC) holdings as part of its corporate treasury strategy. The company announced its latest purchase of 21,550 BTC, worth approximately $2.1 billion.

MicroStrategy Unfazed by Bitcoin’s Historic Price Surge

In an official announcement today, the publicly-traded company had acquired an additional 21,550 BTC. This purchase comes as Bitcoin crossed the $100,000 mark for the first time in its history, pushing the total cryptocurrency market cap to unprecedented levels.

Related Reading: MicroStrategy About To Increase Its Bitcoin Stash By Over 4x With New $42 Billion Plan

According to a filing with the US Securities and Exchange Commission (SEC), the acquisition was funded through proceeds from issuing and selling company shares, totaling $2.13 billion. The purchase was executed between December 2 and December 8 at an average price of $98,783 per BTC, including fees and expenses.

Michael Saylor, CEO at MicroStrategy, in an X post stated that the company now holds a total of 423,650 BTC for a total acquisition cost of $25.6 billion, at an average price of $60,324 per BTC. 

While many investors may have second-thoughts about buying BTC amid its historic run, Saylor seems unfazed by the digital asset’s ascent. Earlier this year, Saylor said in an interview that he would be “buying the top forever.” He stated:

I’m confident I’ll be buying Bitcoin at $1 million per coin — likely around $1 billion worth of Bitcoin per day at that price.

Notably, with 423,650 BTC on its balance sheet, MicroStrategy now controls just over 2% of Bitcoin’s total capped supply of 21 million coins. Most recently, Saylor urged the US government to replace gold with BTC. The Bitcoin permabull said:

Dump your gold. Sell all the US gold and buy Bitcoin. You will demonetize the entire gold asset class. And our enemies hold gold in their banks, so their assets would go to zero. Our assets would go to $100 trillion.

Fifth-Consecutive Week Of BTC Purchase

MicroStrategy’s latest acquisition marks its fifth consecutive Bitcoin purchase in as many weeks. During this period, BTC’s price has climbed by 40%, while MicroStrategy’s stock (MSTR) has risen by approximately 20%.

Related Reading: From Crypto To Corporate: MicroStrategy’s $26 Billion Bitcoin Bet Outpaces IBM’s And Nike’s

Year-to-date, MicroStrategy’s stock has soared by 520%, climbing from $69 on January 1 to $388 at the time of writing. This performance has outpaced Bitcoin and the S&P 500, solidifying the company’s position as a leading corporate BTC holder.

MSTR
Source: Yahoo! Finance

MicroStrategy’s highly profitable BTC strategy has also inspired companies worldwide, including Japan-based early-stage investment firm Metaplanet. Further, Saylor has also tried to convince tech juggernaut Microsoft to consider adding BTC to its balance sheet.

That said, long-time gold bug Peter Schiff is not yet sold on BTC, saying that MicroStrategy’s Bitcoin bet will likely backfire. BTC trades at $100,192 at press time, down 0.1% in the past 24 hours.

bitcoin
BTC trades at $100,192 on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Charts from Yahoo! Finance and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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