Business intelligence firm MicroStrategy has purchased another 5,445 Bitcoin for approximately $147.3 million, adding to its substantial corporate Bitcoin reserves.
MicroStrategy founder Michael Saylor announced the latest acquisition via Twitter on September 24. The company now holds a total of 158,245 BTC worth over $4 billion at current prices.
The additional 5,445 BTC was acquired between August 21 and September 24 at an average price of $27,053 per coin. During this period, BTC traded in the range of $25,000 to $28,000.
Under Saylor’s leadership, MicroStrategy has aggressively stockpiled Bitcoin to hold as a corporate treasury asset and hedge against inflation. This controversial strategy has drawn both praise and criticism, but has firmly cemented the company’s position in the crypto sector.
MicroStrategy made a similar 12,333 BTC purchase worth $347 million earlier this year following its first profitable quarter since 2020. The company has leveraged its stock and debt offerings to fund its bitcoin buying spree.
Remarkably, MicroStrategy’s stock price has surged 200% amidst its bitcoin purchases. Its core software business has also seen steady sales growth, with Q2 2022 seeing a 4% year-over-year increase and 42% growth in subscription services revenue.
Saylor has been an outspoken Bitcoin bull since MicroStrategy first bought BTC back in August 2020. He views Bitcoin as “digital gold” and the ideal way for corporations to store value long-term. MicroStrategy’s bitcoin stockpiling has inspired similar moves from other public companies.
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