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New Massive Purchase: MicroStrategy Adds 3,000 Bitcoins to Its Impressive Collection

Tue 27 Feb 2024 ▪ 3 min of reading ▪ by Fenelon L.
Getting informed Event

Unflappable, Michael Saylor continues his frenetic quest to accumulate bitcoins for MicroStrategy. The company has just added an additional 3,000 BTC to its holdings, bringing its reserves to 193,000 coins.

A CEO guards his Bitcoin vault

A New Major Acquisition That Cements MicroStrategy’s Position

MicroStrategy remains unwavering in its course. The data analytics services company recently invested $155 million to acquire an additional 3,000 bitcoins. The purchase was made between February 15 and 25 at an average price of $51,813 per BTC.

With this significant acquisition, MicroStrategy now holds the astronomical sum of 193,000 bitcoins, patiently accumulated for about $6.09 billion over time. The average purchase cost of its entire BTC reserves is $31,544 per coin.

Michael Saylor, the visionary CEO behind this Bitcoin strategy, could not contain his joy in announcing the news on X (formerly Twitter). For this ardent advocate of cryptocurrencies, the constant rise in BTC reserves is not merely a flash in the pan, but part of a very long-term vision. Thus, Bitcoin is perceived as the ultimate store of value, superior to all other traditional asset forms.

Optimal Risk Management to Secure Crypto Holdings

Beyond the frenetic accumulation of bitcoins, MicroStrategy places crucial importance on securing its immense digital treasure. The company keeps no less than 98% of its reserves in custody with industry giant Fidelity, known for its draconian measures to protect digital assets. And to further diversify its safeguards, MicroStrategy also utilized the services of the Coinbase Prime platform.

This dual strategy for conserving bitcoins aims to achieve both maximum security and optimal management of the company’s crypto assets. An approach all the more essential as MicroStrategy’s BTC reserves now equate to nearly 2% of the total circulating supply of Bitcoin.

Whether one subscribes to the vision promoted by Michael Saylor or not, it is clear that MicroStrategy is now a pivotal player and a behemoth in the Bitcoin ecosystem. With nearly 200,000 BTC in reserve, the company has definitively linked its destiny to that of the queen of cryptos.

A strategy that is proving to be quite rewarding since MSTR stock has soared by more than 300% since the beginning of the year 2023, driven by the historic surge in bitcoin prices. Saylor’s seemingly crazy bet is well on its way to becoming an XXL jackpot.

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Fenelon L. avatar
Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

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.