MicroStrategy, the largest independent and publicly traded business intelligence recent purchased an additional $650 million worth of bitcoin, bringing its total purchases to over $1 billion.

Announced in a press release by MicroStrategy and echoed by CEO Michael Saylor,

“MicroStrategy has purchased an additional 29,646 Bitcoins for $650 million at an average price of $21,925 per Bitcoin and now hodl an aggregate of 70,470 Bitcoins purchased for $1.125 billion at an average price of $15,964”

MicroStrategy has purchased an additional 29,646 bitcoins for $650 million at an average price of $21,925 per #bitcoin and now #hodl an aggregate of 70,470 bitcoins purchased for $1.125 billion at an average price of $15,964 per bitcoin.https://t.co/j6wVLXIzoa

MicroStrategy recently made the move when it stated it would raise $650 million through a debt offering to purchase bitcoin, which was swiftly executed.

Since its first purchase, Saylor has been a vocal advocate on Twitter, speaking openly about his thoughts on the asset. Saylor has decided to convert a portion of the firm’s treasury reserve from US dollars.

Saylor believes that having a fraction of the reserve in a deflationary and decentralized asset is a decent hedge against potential inflation. At an average price of around $16,000 per coin, MicroStrategy profited over $400 million in unrealized gains at the current price.

When bitcoin reached its previous peak all-time high price in 2017, it was only a few short hours of glory. The price tumbled from almost $20,000 back into the $15,000 – $16,000 range.

The latest rally appears to be fundamentally different now as major institutions invest billions of dollars into crypto. The previous rally was made up mostly of retail investors.

“The Company continues to operate in accordance with its Treasury Reserve Policy and currently holds approximately 70,470 bitcoins”

This is the longest consecutive period in which bitcoin has stayed over $20,000. It’s also the longest the price it has consecutively stayed over $10,000.

MicroStrategy completed the gigantic purchase during a period where bitcoin was breaking through its all-time high price. The company sees further upside potential:

“The Company continues to believe bitcoin will provide the opportunity for better returns and preserve the value of our capital over time compared to holding cash. We also remain dedicated to our customers and our goal of operating a growing profitable business intelligence company”

The post MicroStrategy Eclipses Over $1 Billion in Bitcoin Purchased appeared first on BeInCrypto.

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