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MicroStrategy is staying true to its promise that it will continue to make additional Bitcoin purchases as part of its digital asset strategy. The business intelligence firms just made an additional BTC purchase worth more than $400 million cementing its position as the biggest corporate investor of the crypto.
MicroStategy made an additional purchase of 7,002 BTCs for around $414.4 million, which the company paid in cash. The firm acquired the additional Bitcoins at an average price of around $59,187 per coin.
After the purchase, the company now owns around 121,044 BTC, cementing its position as the top publicly-listed company with the largest Bitcoin holdings. At the time of writing, BTC traded at $56,663 based on Coindesk data, which means that the company’s crypto stash is now worth around $6.86 billion.
“MicroStrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per bitcoin,” CEO Michael Saylor announced in a Twitter post on Monday. “As of 11/29/21, we hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin.”
Bitcoin’s price has slightly retreated since MicroStrategy’s purchase but the company still made big profits overall. While it paid around $3.57 billion for the 121,044 BTCs it now holds, the value of its holdings based on Bitcoin’s current price already rose to $6.86 billion, which means it made paper gains of around $3.19 billion.
In a tweet last week, Saylor said that Bitcoin is a better inflation hedge compared to gold. “Bitcoin offers better inflation protection than gold and is growing faster than big tech,” he said, according to Bitcoin.com. He added that BTC “is the only property you can truly own, as well as the first technology capable of granting property rights to everyone on earth.”
MicroStrategy “will continue to acquire [bitcoin] quarter by quarter, time to time, either with cash flows or with debt or with equity, just depending upon market circumstances and what looks most accretive to our shareholders,” Saylor said in an interview with CNBC earlier this month.
