More Bitcoin! Michael Saylor’s MicroStrategy just keeps buying BTC

More Bitcoin! Michael Saylor’s MicroStrategy just keeps buying BTC

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Michael Saylor announced MicroStrategy’s acquisition of another $15 million worth of Bitcoin, as MicroStrategy continues to dollar-cost-average into BTC.

MicroStrategy’s Bitcoin (BTC) buying spree shows no signs of slowing, after CEO Michael Saylor announced the purchase of another 328 BTC on Monday. The acquisition, which was paid for in cash, cost the firm around $15 million, and equated to an average coin price of $45,710 at the time of purchase.

The investment takes MicroStrategy’s total Bitcoin holdings to 90,859 coins — a haul worth $4.3 billion based on the current coin price. The firm essentially dollar-cost-averaged into Bitcoin over the course of the past five months, leaving the average price of each of its Bitcoin purchases at $24,063 per coin. Saylor tweeted on March. 1:

The firm first acquired Bitcoin in August 2020 when it made an initial $250 million outlay on 21,454 coins. MicroStrategy continued to buy more BTC at various points towards the end of 2020, eventually accumulating over 70,000 coins by the turn of the year.

In February the business intelligence firm announced that it would raise an additional $900 million for further Bitcoin purchases — a sum which eventually exceeded $1 billion when an additional 19,452 coins were purchased on Feb. 24.

MicroStrategy’s total outlay on Bitcoin stands at $2.18 billion, while current coin prices would value the firm’s holdings at $4.3 billion, meaning the firm would have made over $2 billion in five months were it to sell. However, there is little reason to suggest this will happen any time soon. Saylor previously said buying Bitcoin was one of the firm’s two corporate goals, along with growing its analytics software business.

by Greg Thomson

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