MicroStrategy Adds 1,438 Bitcoins to Its Coffers

MicroStrategy, the US-based tech company business best recognised for playing a prominent role in the hunt for Bitcoins (BTC) among enterprises, has revealed the purchase of yet another tranche of cryptocurrency. Notably, the latest transactions dated between November 29 and December 8 involved the purchase of 1500 Bitcoins by MicroStrategy at an average price of $57,477 per Bitcoin.

Including the latest purchase, MicroStrategy now has an aggregate of 122,478 Bitcoins in its possession, which were purchased at an average price of $29,861 per coin.

At the prevailing exchange rate, this figure is equivalent to around $6 billion. MicroStrategy has been on a constant Bitcoin acquisition binge, purchasing the world’s most valuable cryptocurrency while it is at a low point. On Thursday, CEO Michael Saylor announced a fresh milestone in the company’s Bitcoin holdings via a Twitter post.

Saylor included a reference to the Form 8-K, which the company submitted to the United States Securities and Exchange Commission, in a tweet on Tuesday (SEC). In August, the company purchased over $177 million worth bitcoins at a price of more than $45,294 per bitcoin at a time when the crypto was trading around $50,000.

In September, MicroStrategy purchased an additional 5,050 Bitcoins for a total of around $242.9 million. Saylor also revealed in late October that his company had purchased about 8,957 Bitcoins at an average price of $46,876 per Bitcoin before adding another BTC 7,002 to the mix later that month and again in November.

Additionally revealed by Saylor is that he was always an active participant of the Bitcoin Mining Council, and that his backing for the world’s largest crypto isn’t restricted to purchasing dips in the market. The company is the initial publicly traded company to make an investment in Bitcoin. Bitcoin Treasuries, a reliable dashboard that monitors Bitcoin investments of publicly traded firms, shows that companies have BTC 1,470,015 or 7% percent of the total liquidity, according to the data provided by Bitcoin Treasuries.

Bitcoin is held by publicly traded corporations in excess of $71 billion, with the typical corporate player making a 31% profit on their Bitcoin holdings. Riot Blockchain and Hut 8 Mining have been the most successful possessors, with their appropriations increasing by more over 400 percent in the last year.