Microstrategy, the largest corporate holder of Bitcoin, has acquired a fresh batch of 51,780 BTC taking its total BTC holding to a networth of nearly $30 billion.
The business intelligence firm announced on Monday that over the past seven days, it had bought 51,780 BTC at an average price of $88,627 which totals $4.6 billion.
The announcement was made by Michael Saylor, the executive chairman of Microstrategy and a foremost Bitcoin advocate.
He revealed that Microstrategy now holds a total of 331,200 BTC acquired for an average price of $16.5 billion
Microstrategy’s BTC stash is now worth $29.65 billion following current market trends thanks to the bull run.
Michael Saylor bragged about his firm’s new acquisition on X revealing the return on investment (ROI) of their Bitcoin acquisition efforts on a quarterly and yearly basis.
“MicroStrategy has acquired 51,780 BTC for ~$4.6 billion at ~$88,627 per #bitcoin and has achieved BTC Yield of 20.4% QTD and 41.8% YTD. As of 11/17/2024, we hodl 331,200 $BTC acquired for ~$16.5 billion at ~$49,874 per bitcoin. $MSTR” Michael tweeted
Microstrategy’s new BTC acquisition spells its frightening belief in the crypto asset and its long-term potential.
To understand the volume of BTC recently acquired by Microstrategy, the 51,780 BTC overshadows the global Bitcoin Exchange Traded Product (ETP) inflow over the week which stood at 25,993 BTC.
Microstrategy, started as a data intelligence software company in 1989 before it decided to diversify into Bitcoin acquisition in 2020 during the pandemic.
The Bitcoin acquisition effort was led by Michael Saylor the executive chairman who since then has turned into a strong voice for Bitcoin in the Industry.
In his speech at the July Bitcoin 2024 conference in Nashville, Michael Saylor argued on the intrinsic value of digital assets and the leverage they have over physical assets.
Microstrategy’s first BTC purchase was $250 million worth of BTC. In October this year, the firm revealed a plan to purchase $42 billion worth of BTC over the next three years.
The business intelligence firm hopes to fund the $42 billion BTC acquisition with a strategic plan known as the “21/21” Plan.
The plan involves securing $21 billion through equity offerings and another $21 billion via fixed-income securities between 2025 and 2027.
What to Know
- Michael Saylor revealed last year that he personally holds over a billion worth of Bitcoin. His firm Microstrategy is the largest corporate holder of Bitcoin by a large mile.
- Bitcoin at the time of the report is exchanging hands for $91,594. The crypto asset is 2.0% down from its all-time high of $93,477.
