MicroStrategy once again doubled its Bitcoin holdings with another purchase. This time, the company spent nearly $100 million to add more BTC to its huge assets. This company that has been buying bitcoins since 2019 has kept its promise to invest heavily in digital assets and is the only company that has bought on dips.
MicroStrategy buy more bitcoins
MicroStrategy announced that it has purchased more bitcoins to increase its balance sheet. This listed company purchased a total of 1,914 BTC between December 9th and 29th. The average purchase price of each BTC is US$49,229, and the total cost of the bitcoins purchased is US$94.2 million.
Related Reading | Bitcoin only works for wealthy Senator Elizabeth Warren
MicroStrategy CEO Michael Saylor shared the news of the purchase with his followers on his Twitter account. Saylor is an outspoken Bitcoin supporter, which is one of the reasons why the company started buying digital assets after disclosing its holdings to the board of directors and demonstrating its returns.
MicroStrategy purchased an additional 1,914 bitcoins for approximately US$94.2 million in cash, at an average price of approximately US$49,229 each. #Bitcoin. As of December 29, 21, we #hodl Approximately 124,391 bitcoins were acquired at a price of approximately US$3.75 billion, with an average price of approximately US$30,159 per bitcoin. $MSTRhttps://t.co/tNxDwaT8VD
— Michael Saylor ⚡️ (@saylor) December 30, 2021
Company also Publish Disclosures that make sales known. The funds for the recent purchase of Bitcoin were obviously raised through the sale of shares in the company, and MicroStrategy has done so many times in the past to raise funds for its frantic purchases.
BTC recovers to $47K | Source: BTCUSD on TradingView.com
The only driving force behind corporate investment
MicroStrategy has become a public company with the largest Bitcoin holdings in the world. However, what is less known is that it is still one of the main driving forces for institutions to invest in digital assets.
Bitcoinist report MicroStrategy alone accounts for about 71.4% of the company’s total BTC holdings. Through recent acquisitions, the company has undoubtedly pushed this number higher, widening the gap between it and other companies that currently use Bitcoin on their balance sheets.
Related Reading | The year of the Alt season: Altcoins dominate the market in 2021
In the past two years, the company has spent approximately US$3.75 billion on BTC. Since the company currently holds more than 6.1 billion US dollars in bitcoin, this investment has received a handsome return, which shows that it is a profitable investment for them. The company’s most recent purchase now holds a total of 124,391 BTC on the balance sheet.
It announced its Bitcoin strategy earlier this year, prompting other companies such as Tesla, Square, Aker, and Meitu to disclose their Bitcoin holdings. However, MicroStrategy is the only company that continues to buy BTC, purchasing an average of 3,000 BTC per month in the third quarter of 2021.
Featured image from Bitcoin News, chart from TradingView.com