MicroStrategy adds more Bitcoins to its multi-billion dollar treasury

  • MicroStrategy bought 1,045 bitcoins for $29.3 million.
  • MicroStrategy’s Bitcoin hoard reaches 140,000 coins after the latest acquisition.
  • MicroStrategy continues to rely on cryptocurrency as a store of value and on blockchain technology to transform transactions and store data.

Business intelligence firm, MicroStrategy, has recently announced the purchase of an additional 1,045 Bitcoins for a total purchase price of around $29.3 million. This acquisition was made between March 24 and April 4 at an average price of $28,016 per coin. 

This latest haul brings the company’s Bitcoin hoard to a staggering 140,000 coins. Those coins were purchased at an aggregate purchase price of approximately $4.17 billion. The company’s average purchase price now stands at $29,803 per Bitcoin.

Currently, the market-leading cryptocurrency is trading for $28,136.44 according to data from CoinMarketCap, which means that MicroStrategy has yet to recoup its massive losses in 2022 due to the bear market. Notably, the company also announced a $150 million Bitcoin purchase at the end of March. MicroStrategy has been a key player in the corporate adoption of the flagship cryptocurrency, with its initial investment in the cryptocurrency in August 2020. Since then, the company has continued to expand its Bitcoin holdings, becoming the largest corporate holder of digital assets.

Finally, the company’s strategy of keeping its funds in Bitcoin has been heavily criticized by some analysts, but MicroStrategy has remained steadfast in its belief that cryptocurrency is a superior store of value than traditional assets. This latest acquisition is yet another demonstration of the company’s confidence in cryptocurrency and its potential as a long-term investment. Although MicroStrategy has yet to recoup its losses, its decision to stay in the cryptocurrency can be seen as a long-term bet on blockchain technology and its ability to transform the way transactions are made and data is stored.