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Monday, September 25, 2023

MicroStrategy Buys 4,167 Bitcoin Worth $190 Million

MicroStrategy has the largest Bitcoin holdings among any publicly-listed company

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MicroStrategy CEO, Michel Saylor said on Twitter that the firm spend a total of $190.5 million on Bitcoin. The company bought 4,167 Bitcoin at an average price of $45,714 per BTC and has already made a profit on the purchase.

The firm has the largest Bitcoin holdings among any publicly-listed company. As of today, the company owns a total of 129,218 BTC worth almost $4 billion. The average price of the acquisition is approximately $30,700.

MicroStrategy previously announced that the company, had closed a $215 million loan with Silvergate Bank. Saylor, known in the crypto community for his unshakeable conviction in the top crypto asset, said that MicroStrategy had used a portion of its Bitcoin reserves as collateral in the arrangement.

MicroStrategy is one of the earliest Wall Street firms to accumulate cryptocurrency in its balance sheet, having started the trend in 2020. Saylor is himself a supporter of crypto, and has repeatedly supported the token’s potential as an inflation hedge.

“The SEN Leverage loan gives us an opportunity to further our position as the leading public company investor in Bitcoin,” Saylor said. “Using the capital from the loan, we’ve effectively turned our bitcoin into productive collateral, which allows us to further execute against our business strategy.”

A bulk of the crypto rally has been driven by large institutions and whales accumulating Bitcoin and altcoins. Mass token buying by large institutions and crypto whales also contributed to the token’s strength. Recently Terra community had bought 30,727 BTC to bolster their stablecoin reserves.


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