American business intelligence firm, MicroStrategy Incorporated, has further solidified its position as one of the largest institutional backers of Bitcoin (BTC) by acquiring an additional 5,445 BTC tokens on Monday. The latest purchase, worth approximately $147.3 million, was made at an average price of $27,053 per Bitcoin.
This acquisition is part of MicroStrategy's ongoing investment strategy in the leading cryptocurrency, demonstrating its robust belief in the digital asset's potential value. The company and its subsidiaries accumulated the additional Bitcoin between August 1 and September 24, raising their total holdings to a significant 158,245 BTC.
According to Michael Saylor, the Chairman of MicroStrategy, the company now holds a total of 158,245 BTC purchased for about $4.68 billion at an average price of $29,582 per Bitcoin as of Sunday. This makes MicroStrategy the public company holding more Bitcoin than any other worldwide.
Saylor, who served as CEO until a year ago and continues to exert considerable influence as executive chairman, has been a long-standing proponent of Bitcoin. His cryptocurrency ventures have attracted widespread attention and both criticism and accolades for the firm.
The company's substantial investments funded by debt have come under critical scrutiny, especially during periods when the Bitcoin market experienced downturns. Additionally, impairment losses due to accounting rule applications have raised questions about the company's financial optics.
MicroStrategy’s consistent stance on Bitcoin acquisition remains a source of encouragement to the broader industry despite these challenges. This strategy has positioned it as a major player in the business intelligence sphere with a significant stake in Bitcoin.
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