MicroStrategy Makes Its Largest Bitcoin Purchase Yet
The company now holds 152,333 digital coins worth $4.5 billion, making it the largest holder of Bitcoin among publicly traded corporations.
Between April 29 and June 27, provider of cloud-based services MicroStrategy purchased an additional 12,333 BTC for $347 million, marking its largest Bitcoin purchase to date.
The company - the largest holder of Bitcoin among publicly traded corporations - now holds a total of 152,333 digital coins worth $4.5 billion, which is approximately 0.726% of the total available supply of 21 million BTC.
Co-founder Michael Saylor has stated that the reason for buying Bitcoin was to hedge against inflation. The average purchase price of the Bitcoin held by the company is approximately $29,668 per coin.
Despite a plunge in Bitcoin’s value from its all-time high of $68,789 in November 2021, MicroStrategy’s stock has risen more than 162% since its initial Bitcoin purchase in 2020.
MicroStrategy’s most recent purchase of Bitcoin demonstrates the company’s confidence in the long-term viability of the digital asset. The company is currently developing an “enterprise Lightning solution” to facilitate quick money transfers for companies.