MicroStrategy makes another bitcoin buy after buying bitcoin worth $250m and $175m, August and September 2020. the firm two months later, precisely December and January added another $500m and $10m amidst the dip.
The business intelligence firm, MicroStrategy turned a veritable mountain of zero-interest debt into a single-largest bitcoin allocation yet.
MicroStrategy on Wednesday announced purchasing another $1.026 billion in bitcoin. Through their multiple purchases, the firm turned mountains of zero-interest debt into one of the single largest (dollar-denominated) bitcoin investments ever executed by a publicly-traded company.
CEO Michael Saylor’s business intelligence firm’s current bitcoin purchase is 19,452 BTC at an average price of $52,765 per bitcoin. Cumulatively, the firm holds 90,531 BTC (+7.09%) worth $4.78 billion at press time, almost certainly bolstering its perception among Wall Street types as a de-facto bitcoin exchange-traded fund, albeit one wildly overpriced.
While Elon Musk on behalf of his electric car firm Tesla purchased $1.5 billion, MicroStrategy was only second for buying $1 billion.
By holding over $4 billion worth of bitcoin, MicroStrategy was already and will likely remain the non-crypto firm with the biggest bitcoin bags as CEO Michael Saylor continues to pursue a coin acquisition strategy now codified in the business intelligence company’s mission. Also, the firm has become the chief proponent of corporate investments in bitcoin.
Saylor, adding lesser eyes to his Twitter profile, has fully steeped himself in bitcoin’s swirling meme culture. His lesser eyes are in apparent unity with the #LaserRayUntil100K movement last week. He occasionally trolls gold as an inferior reserve asset and has shown a penchant for Lord of The Rings content, liking memes in praise of the “One Coin to Rule Them All” and retweeting videos in which he is Gandalf, leading the Rohirrim into battle against evil, evil fiat.