2023-11-2 23:32 |
MicroStrategy, a leading business intelligence and software company, has continued its steadfast commitment to Bitcoin by purchasing an additional 155 BTC at a total cost of $5.3 million, Founder & Chairman Michael Saylor announced today. The purchase came as Bitcoin's price has been experiencing upward momentum, reaching a recent yearly high of $35,000.
The company initially entered the Bitcoin market in August 2020, making a significant initial investment of $250 million into BTC. Since then, they have consistently added to their Bitcoin holdings, creating a treasury reserve strategy that has garnered over 158,400 bitcoin worth more than $5.4 billion at the time of writing. The company has acquired 6,067 bitcoin since the end of Q2 for $167 million.
“We further increased our total bitcoin holdings to 158,400 bitcoins, adding 6,067 bitcoins since the end of the second quarter,” said MicroStrategy Chief Financial Officer, Andrew Kang. “Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption.”
As the fourth Bitcoin halving quickly approaches and the first spot Bitcoin ETF approval by the SEC seems imminent, MicroStrategy continues its aggressive bitcoin investment strategy with no signs of slowing down.
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