MicroStrategy Engages in Largest Bitcoin Purchase Spree Since 2021, According to Report
Software company MicroStrategy has reportedly been acquiring Bitcoin (BTC) at its fastest pace since 2021. A recent report from Bloomberg reveals that MicroStrategy bought 18,300 Bitcoin for approximately $1.1 billion between August 6th and September 12th, marking the largest purchase by the firm since February 2021 when it acquired 19,452 BTC.
The report indicates that MicroStrategy now holds around 244,800 BTC valued at $14 billion, which represents about 1% of the total supply of the leading cryptocurrency by market capitalization. The data also shows that the average cost at which MicroStrategy purchased the Bitcoin was $38,585.
MicroStrategy, co-founded by former CEO and Bitcoin advocate Michael Saylor, has been using Bitcoin as a hedge against inflation, as per the report. Earlier this year, it was noted that South Korea’s National Pension Service, managing over $764 billion in assets by the end of 2023, had acquired millions of dollars’ worth of MicroStrategy (MSTR) shares, totaling 245,000 shares valued at $32.5 million at the time.
According to Bloomberg, the company’s stock price has more than doubled in 2024, outperforming even Bitcoin itself, which saw a 40% increase during the same period. Currently, Bitcoin is trading at $59,425, reflecting a 1.5% increase over the last 24 hours, while MSTR is valued at $139.60.
MicroStrategy’s continued accumulation of Bitcoin underscores the growing trend of institutional adoption of cryptocurrencies as a strategic investment choice. The company’s significant holdings of Bitcoin demonstrate a strong belief in the long-term value and potential of the digital asset.
