MicroStrategy has extended its accumulation of the leading digital asset, announcing the acquisition of an extra 16,130 Bitcoins (BTC). Furthermore, this recent purchase amounts to a noteworthy $593.3 million. This latest addition contributes to the company’s existing $1.29 billion profit from their Bitcoin holdings.
Certainly, founder Michael Saylor has consistently expressed confidence in the enduring potential of the digital asset. His steadfast belief has proven immensely rewarding. In the current week alone, the company’s stock price soared to a two-year peak, propelled by the strategic accumulation of Bitcoin that commenced back in 2020.
Michael Saylor’s MicroStrategy Acquires Additonal $593.3 Million in Bitcoin
From the inception of the digital asset industry, Bitcoin has consistently held its position at the forefront of the expanding array of tokens entering the market. As of 2023, there are no indications of this dynamic shifting. Furthermore, all signs point to the asset being poised for a more substantial surge in the upcoming year.
Nevertheless, confidence in that asset was not always as evident as it is today, often being viewed as a risky venture. Few individuals have seized on this uncertainty as effectively as Michael Saylor. Consequently, his company, MicroStrategy, has now officially exceeded $1 billion in profit from these holdings, with the addition of another 16,130 bitcoins further bolstering their accumulation.
In particular, this recent acquisition has furnished the company with an additional $593.3 million worth of bitcoin, contributing to its already substantial holdings. Overall, MicroStrategy has amassed a grand total of 174,530 bitcoins, as stated by Saylor himself, at an average price of $30,252 per BTC.
The acquisition of Bitcoin has propelled MicroStrategy’s stock prices to surge, reaching $500 this month—a pinnacle not witnessed since 2021. Undoubtedly, the company’s steadfast Bitcoin position is a key factor propelling its overall value, reflected in its market capitalization exceeding $7 billion.
