MicroStrategy announced that it had bought 18,300 Bitcoin for $1.11 billion, bringing total holdings to 244,800 BTC, acquired for $9.45 billion.
The business intelligence company led by Bitcoin bull Michael Saylorhas been steadily accumulating Bitcoin as part of its business strategy since 2020. MicroStrategy’s last billion-dollar purchase was executed at an average price of $60,408 per Bitcoin.
According to Saylorthe company has delivered a 17% Bitcoin return so far this year. It is benefiting from the rise in BTC value and continues to borrow fiat money at low interest rates to grow its holdings.
At current prices, MicroStrategy’s Bitcoin hoard is worth over $15 billion, which is a huge benefit to shareholders. The company’s stock price has risen in tandem with its Bitcoin accumulation.
Despite the challenging market conditions in 2024, MicroStrategy continues to strengthen its Bitcoin position for the long term. The company treats Bitcoin as a superior treasury asset compared to cash, which is subject to inflationary devaluation.
MicroStrategy is carrying out the largest speculative attack on fiat currency in history by acquiring the hardest money for its treasury. Other publicly traded companies are following MicroStrategy’s lead by adopting Bitcoin treasury policies and acquiring Bitcoin exposure on their balance sheets. However, MicroStrategy remains the largest corporate holder of Bitcoin in the world.
By leveraging underutilized capital to leverage the benefits of Bitcoin, MicroStrategy has established itself as an emerging Bitcoin development company that is driving global Bitcoin adoption.