MicroStrategy, the world's largest corporate bitcoin holder, has reaffirmed its commitment to Bitcoin, purchasing an additional 5,445 BTC for approximately $147.3 million, at an average price of $27,053 per coin. The announcement was made on Monday by the company's founder and former CEO, Michael Saylor.
Despite the latest acquisition, MicroStrategy's entire bitcoin position remains theoretically underwater due to the cryptocurrency's struggling price which recently hit a multi-week low of $26,000. The firm's total BTC stash now stands at 158,245, acquired at an average price of $29,582 per coin, translating to a total investment of approximately $4.68 billion. However, given the current Bitcoin price, the company's entire holding is valued at just over $4.1 billion.
The software company embarked on its Bitcoin investment journey in August 2020 and recently celebrated its third anniversary as a Bitcoin-buying and holding firm. Saylor has been a vocal advocate for Bitcoin, consistently promoting it as digital gold and emphasizing its role as a strategic treasury reserve asset.
Despite the challenging market conditions, MicroStrategy's unwavering commitment to Bitcoin underscores its belief in the cryptocurrency as a store of value and potential hedge against economic uncertainty. The company's approach to Bitcoin investments has been consistent over the years, even resorting to debt financing for some of its acquisitions.
Saylor continues to assert that Bitcoin is "underestimated" compared to other crypto market opportunities. He has repeatedly stated that altcoins are overvalued and should be sold. As more institutions recognize Bitcoin's value in the face of economic uncertainty, it remains to be seen if they will follow MicroStrategy's strategy.
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