MicroStrategy buys $414M of Bitcoin (BTC)

Mon 29 Nov 2021 ▪ 21h23 ▪ 3 min read — by Hugh Renolds

The rapid growth of cryptocurrencies over the past year has led many holders to pile up more and more digital assets, partially (or completely) ignoring current market tendencies. At the same time, for some investors, this is also a great way to safeguard their funds from inflation, as stated repeatedly by many experts, including analysts at JPMorgan.

But so far, the most prominent Bitcoin (BTC) holder in the world is MicroStrategy. In August last year, the company began to actively stock up on Bitcoin, constantly buying more and more BTC, and being among the first institutional investors to do so.

MicroStrategy reserves exceed 100,000 BTC

Today, MicroStrategy is de-facto the world’s largest public investor in the first cryptocurrency, having more than 100,000 digital gold coins on its account. At the same time, all of the first cryptocurrency MicroStrategy holds has been acquired in recent years, when the price of this asset began to skyrocket. However, it’s clearly never enough for the world’s already largest HODL’er, and the company is still on a ceaseless Bitcoin shopping spree.

Michael Saylor announces the purchase of another 7,000 BTC

In his recent tweet, Michael Saylor (head of MS) said that after a long break, MicroStrategy is purchasing another batch of BTC. This time, the company’s reserves will be replenished with 7,000 bitcoins, and, since at the time of purchase, the first cryptocurrency was trading at around $59,187, the new acquisition of MicroStrategy cost it $414 million (~£311 million).

The total amount of Bitcoin holdings of MicroStrategy add up to 121,044 BTC, which cost the investment giant about $3.57 billion (~£2.68 billion). This also means that over the past two years, MicroStrategy’s investments have paid off almost twice, because at the moment all this fortune is worth about $6.89 billion (~£5.18 billion).

According to the statements by the head of MicroStrategy, the company will continue buying the first cryptocurrency. Moreover, its position hasn’t changed despite the shifting market situation for a very long time, because even at the time of a sharp drop in Bitcoin in the early summer of 2021, they did not retreat, even despite the huge losses that the company had incurred.

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Hugh Renolds

I believe in the bright future of crypto. I have been investing since 2017 and look to share my experience in, and thoughts on, crypto and the blockchain.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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