Michael Saylor doubles down on Bitcoin, acquires 12,333 BTC for MicroStrategy.

MicroStrategy, a publicly traded software company, has once again invested heavily in Bitcoin, adding another 12,333 BTC to its already substantial holdings.

The purchase, which was announced by the company’s former CEO Michael Saylor, cost around $347 million at an average price of $28,136 per Bitcoin.

MicroStrategy Goes All-In On Bitcoin

As of June 28th, MicroStrategy now owns a total of 152,333 Bitcoin, which were acquired at an average purchase price of $29,668, for a total cost of approximately $4.52 billion. This latest purchase reaffirms the company’s bullish stance on BTC, with MicroStrategy now owning one of the largest Bitcoin holdings of any publicly traded company.

MicroStrategy has acquired an additional 12,333 BTC for ~$347.0 million at an average price of $28,136 per #bitcoin . As of 6/27/23 @MicroStrategy hodls 152,333 $BTC acquired for ~$4.52 billion at an average price of $29,668 per bitcoin. $MSTR https://t.co/joHo1gEnR0

— Michael Saylor⚡️ (@saylor) June 28, 2023

MicroStrategy’s decision to invest heavily in Bitcoin has been a topic of discussion and debate within both the traditional financial world and the cryptocurrency community. The company’s former CEO, Michael Saylor, has been a vocal advocate for BTC, frequently extolling its virtues as a store of value and an inflation hedge.

MicroStrategy’s initial purchase of Bitcoin in August 2020 was seen as a bold move, given the cryptocurrency’s reputation for volatility. However, the company’s investment has paid off handsomely, with the value of its Bitcoin holdings more than doubling in value since its initial purchase.

MicroStrategy’s latest BTC purchase, while significant, is not the first time the company has added to its holdings. In fact, the company has been on a buying spree, having purchased over 100,000 Bitcoin since August 2020. This has made MicroStrategy one of the largest holders of Bitcoin in the world.

Nevertheless, the company’s decision to invest so heavily in BTC has not been without criticism. Some experts have questioned the wisdom of investing such a large amount of capital into a single asset, particularly one as volatile as Bitcoin.

Others have expressed concern over the potential regulatory risks that come with holding such a large amount of cryptocurrency.

Despite these concerns, Michael Saylor remains bullish on Bitcoin and continues to advocate for its adoption as a mainstream asset. He has even gone so far as to offer BTC as a form of compensation to MicroStrategy’s board of directors, demonstrating his commitment to the cryptocurrency’s long-term prospects.

Overall, MicroStrategy’s investment in BTC represents a significant shift in the way that traditional companies view cryptocurrencies. While some may view the company’s actions as risky or imprudent, others see it as a bold and visionary move that could pay off handsomely in the long run. Only time will tell which of these viewpoints proves to be correct.

At present, Bitcoin, the leading cryptocurrency in terms of market capitalization, has been experiencing a decline in value but has managed to maintain the $30,000 threshold. As of now, BTC is being traded at $30,100, indicating a 2% decrease in the past 24 hours.

Featured image from Unsplash, chart from TradingView.com

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