MicroStrategy Doubles Down on Bitcoin, Acquires Additional 3,000 BTC for $155 Million

MicroStrategy has purchased an additional 3,000 Bitcoins for $155 million, bringing its total holdings to 193,000 BTC. MicroStrategy’s founder, Michael Saylor, announced this latest acquisition in a tweet on Monday.

“MicroStrategy has acquired an additional 3,000 BTC for ~$155 million at an average price of $51,813 per Bitcoin. As of 2/25/24, MicroStrategy now hodls 193,000 BTC acquired for ~$6.09 billion at an average price of $31,544 per bitcoin.” Wrote Saylor.

Notably, MicroStrategy’s investment in Bitcoin began in October 2020, and the company has been acquiring the legacy crypto asset since then. In November 2023, the company purchased an additional 16,130 BTC for $593.3 million, and in December, it acquired 14,620 BTC for $615.7 million before reporting an additional 850 BTC worth about $37.2 million earlier this month.

Saylor has been a vocal advocate for Bitcoin and has previously stated that the company does not intend to sell its cryptocurrency reserves in the near or long term.

Last week, the businessman stated during a Bloomberg interview, “I’m going to be buying the top forever. Bitcoin is the exit strategy. It is the strongest asset.” He further expressed the belief that Bitcoin is technically superior to other asset classes and that capital will continue to flow from those classes into Bitcoin.

That said, MicroStrategy’s decision to acquire more Bitcoin comes at a time when the cryptocurrency market is experiencing unprecedented growth. Bitcoin’s price has been trading above $52,000, and its market capitalization has surpassed the $1 trillion mark. Notably, following Bitcoin’s recent surge, the company’s Bitcoin profits have been boosted, with an unrealized profit of $3.87 billion at press time, according to data from Saylor Tracker.

This significant growth highlights the potential for long-term profitability in the cryptocurrency market and reinforces MicroStrategy’s decision to invest heavily in Bitcoin.

Meanwhile, recently, Saylor stated that MicroStrategy intends to redevelop itself into a “company developing Bitcoin and products based on it,” on top of its business of creating and supporting analytical software.

That said, MicroStrategy’s latest news comes after a security breach of Michael Saylor’s Bitcoin development firm. As ZyCrypto reported, the X account of MicroStrategy was compromised, with hackers spreading a series of malicious links to a fake airdrop for a fake Ethereum-based “MSTR” token, leading to the theft of approximately $440,000.

At press time, Bitcoin was trading at $53,245 after a 3.90% surge in the past 24 hours, according to CoinMarketCap data.