Tech giant MicroStrategy, already the largest corporate holder of Bitcoin, has further cemented its bullish stance on the cryptocurrency by snapping up an additional $615.7 million worth of Bitcoin. This aggressive buying spree brings the company’s total Bitcoin holdings to a staggering 189,150 BTC, valued at $5.9 billion.
“MicroStrategy purchased 14,620 bitcoins at an average price of approximately $42,110 per bitcoin,” confirmed Executive Chairman Michael Saylor via Twitter. The move follows last month’s acquisition of 16,130 BTC, highlighting MicroStrategy’s unwavering faith in the digital asset.
This strategic buying comes amid a period of relative optimism for Bitcoin. Whispers of potential approval for US Bitcoin ETFs have fueled investor confidence, with the cryptocurrency’s price enjoying a steady climb over the past few months. Experts believe widespread ETF adoption could trigger a significant influx of investment into the market, further bolstering Bitcoin’s position.
MicroStrategy’s bullish bets have paid off handsomely so far. The company boasts profits of around $2 billion from its Bitcoin holdings as of early December, and its stock price has surged nearly 315% year-to-date. While Bitcoin itself has seen a 200% increase in value over the same period, MicroStrategy’s aggressive acquisition strategy seems to be amplifying its returns.
This latest purchase also reinforces MicroStrategy’s reputation as a leading proponent of Bitcoin within the corporate world. With its massive reserves and unwavering commitment, the company is actively shaping the narrative around cryptocurrency and could play a key role in ushering in a new era of mainstream adoption.
