Rain of bitcoins by the thousands! You might think it’s MicroStrategy’s endless quest that tirelessly continues to acquire bitcoins, rain or shine, or even when the snow falls on the price of cryptocurrencies. Indeed, that night, the company founded by Michael Saylor struck again adding 467 BTC to its already colossal treasure of 152,800 bitcoins. A real accumulation of digital wealth that seems to know no bounds.
MicroStrategy swears by the queen of cryptocurrencies: bitcoin
The news, as often, was announced by Michael Saylor on his Twitter account.
“In July, MicroStrategy acquired an additional 467 BTC for $14.4 million and now holds 152,800 BTC. (…)»
In the details provided, we learn that since the first quarter, MicroStrategy has acquired a total of 12,800 BTC for an impressive amount of $361.4 millionthus establishing an average purchase price of approximately $28,233 per BTC.
With the current price of BTC, MicroStrategy’s hoard, which now has 152,800 BTC, is worth an incredible $4 billion. A value that continues to attract attention and confirms the powerful positioning of the company.
>> Prefer to keep your bitcoins safe? Choose a Ledger wallet (commercial link) <<
Dizzying BTC reserves
Thus, as specified in the official press release of MicroStrategythe company continued its strategy of accumulating bitcoins and even during the second quarter of this year, MicroStrategy managed to add 12,333 bitcoins to its digital treasure.
This decision to invest massively in BTC since the beginning of 2023, and even well before, is explained by the company’s desire to follow a strong trend observed among institutional investors. Indeed, more and more institutions recognize the potential and importance of bitcoin as a solid store of value and a leading digital asset.
“Our bitcoin holdings grew to 152,800 bitcoins as of July 31, 2023, with the second quarter addition of 12,333 bitcoins being the largest single-quarter increase since the second quarter of 2021. We effectively raised capital through our market share program and used cash from operations to continue to increase bitcoin on our balance sheet. And we did so against the promising backdrop of growing institutional interest, progress in accounting transparency, and continued regulatory clarity for bitcoin. »
Andrew Kang, Chief Financial Officer MicroStrategy
Buy more bitcoin
Such seems to be the adage of the company which in a filing with the SEC on August 1st confirmed this buying fever. Indeed, beyond this purchase of BTC in the second half, the company plans to raise 750 million dollars via a sale of action which would allow it to buy even more BTC.
“As with previous programs, we can use the proceeds for general corporate purposes, which include buying bitcoin as well as buying back or paying off our outstanding debt. »
Andrew Kang
MicroStrategy now owns 0.8% of the total bitcoin supply in circulation, making it a real crypto whale, creating an impressive reserve of BTC. This choice to accumulate so many bitcoins is hardly surprising anymore given the consistent strategy adopted by the company so far. Indeed, institutional investors are more and more attracted to bitcoin, and this only confirms this trend. Personalities like Michael Novogratz also expressed interest in BTC, sharing tips on building an ideal portfolio. In their recommendations, we unsurprisingly find ETH and BTC, which occupy a prominent place.
To keep your cryptos, nothing beats a Ledger wallet. The Nano S and Nano X provide security and ease of use. Indeed, they are compatible with the vast majority of cryptos and networks. They are an absolutely essential alternative to all exchanges that offer to hold your assets for you. Remember, “Not your keys, not your coins” (commercial link)!