There’s no stopping MicroStrategy as it continues its accumulation of Bitcoin.
In the latest development, the Michael Saylor-founded software developer is concluding 2023 with a strategic move, acquiring 14,620 Bitcoins for approximately $615.7 million at an average price of $42,110 per Bitcoin.
- As of December 26, 2023, MicroStrategy – which has established itself as the largest corporate holder of Bitcoin – now holds a substantial 189,150 BTC, which was acquired for around $5.9 billion, with an average purchase price of $31,168 per Bitcoin.
- The latest move reaffirms MicroStrategy’s commitment to Bitcoin as a long-term treasury reserve asset.
- The development comes at a time when Bitcoin was trading at $42,934 after a 16% monthly increase.
- The NASDAQ-listed business intelligence software giant poured in $600 million to buy 16,130 BTC more for an average price of $36,785 per Bitcoin almost a month ago.
- MicroStrategy experienced a turnaround in November this year as it gained more than $1 billion in unrealized profits from Bitcoin, bouncing back from a $1 billion loss in 2022 attributed to the surge in crypto’s value.
- With the latest purchase, this figure has gone up, with reports suggesting that the company currently stands at $2.21 billion in profit on its $5.9 billion Bitcoin investment.
- Despite the slump and excessive volatility following the 2022 market downturn, Saylor continued to be a long-standing advocate of Bitcoin.
- The exec recently forecasted a tenfold surge in the asset’s value by 2024, attributing this potential bull run to factors such as the upcoming halving as well as the potential approval of a spot Bitcoin ETF.