MicroStrategy Buys An Additional 3K BTC To Expand Its Treasury

Despite reports indicating a breach of security on the X (formerly Twitter) account of MicroStrategy, the renowned enterprise software company based in Tysons Corner, Virginia, has once more bolstered its Bitcoin (BTC) reserves by acquiring an additional 3,000 BTC this month.

According to Bloomberg, this recent acquisition amounts to $155.4 million, significantly adding to the already impressive amount of Bitcoin assets held by MicroStrategy. As of now, the amount has reached approximately $9.88 billion based on current market values.

MicroStrategy Continues Bitcoin Acquisition

As per a filing with the US Securities and Exchange Commission (SEC) on Monday, the transactions occurred between February 15th and February 25th. Consequently, MicroStrategy saw its total Bitcoin holdings increase to around 193,000 tokens.

Co-founder Michael Saylor initiated the Bitcoin acquisition strategy in 2020 to hedge against inflation and diversify its cash reserves. During a recent interview, Saylor reiterated his conviction in holding onto the cryptocurrency, stating that there is no reason to sell the winner. Since MicroStrategy began acquiring Bitcoin, its value has surged by a whopping 460%.

No Plan To Sell

The average price for the latest 3,000 BTC purchase by MicroStrategy was $51,813, contributing to an average price of $31,544 for the entire Bitcoin holdings, as disclosed in the filing. On Monday, Bitcoin saw its price remain relatively stable around $51,100 in early trading hours. However, the largest cryptocurrency in the market is displaying signs of renewed bullish momentum, currently trading at $52,800, representing a 2.5% increase over the past 24 hours.

As the value of BTC continues to rise, the substantial Bitcoin holdings of MicroStrategy serve as evidence of the forward-thinking approach that the company has adopted in addition to renewed confidence in cryptocurrency as a viable investment.

Still, how MicroStrategy intends to manage its Bitcoin holdings in the future remains uncertain. Nevertheless, the remarks made by Saylor suggest a long-term perspective, indicating that the company has no immediate plans to divest its Bitcoin assets.