MicroStrategy has acquired more than 16,000 additional bitcoins, bringing total holdings to almost half a trillion dollars
Early today I know reported that US-based business intelligence firm MicroStrategy had filed with the SEC stating that it was considering adding its bitcoin holdings. Well, according to the CEO of the company, MicroStrategy has kept its word and increased its BTC holdings beyond the previous investment of $ 250 million.
MicroStrategy bets strongly on Bitcoin with an additional investment of $ 175 million
MicroStrategy CEO Michael Saylor revealed in a tweet As of Sept. 15, the company had purchased 16,796 more Bitcoins worth $ 175 million at the time of the acquisition.
At some point in the past month, MicroStrategy announced the purchase of more than 21,000 bitcoins valued at $ 250 million. The firm explained that it would make bitcoin its primary reserve currency due to the asset's obvious superiority over other assets.
Given the recent purchase, MicroStrategy now owns a total of 38,250 bitcoins, worth about $ 414 million at press time.
On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $ 175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $ 425 million, inclusive of fees and expenses.
– Michael Saylor (@michael_saylor) September 15, 2020
To put things in perspective, MicroStrategy has an aggregate market capitalization of $ 1.4 billion. This means that your investment in BTC is equivalent to 30% of your total holdings.
Bitcoin buying race between Grayscale and MicroStrategy heats up
While MicroStrategy is now storing bitcoin, it is worth noting that the head of the company has not always been a fan of cryptocurrencies. In 2013, for example, Saylor predicted that bitcoin was doomed. “The days of Bitcoin are numbered. It seems like it's only a matter of time before it suffers the same fate as online gambling. ", tweeted at that moment.
Now, it seems that Saylor's mindset has changed as he believes that Bitcoin is a great hedge against inflation.
Industry experts have welcomed the news that MicroStrategy is increasing its bitcoin holdings. Grayscale Investments CEO Barry Silbert has commented jokingly that there is now a kind of race between the two companies to acquire the dominant cryptocurrency.
Apparently there is some kind of bitcoin buying race between MicroStrategy and @Grayscale
– Barry Silbert (@barrysilbert) September 15, 2020
Clearly, MicroStrategy will have to step up its game as Grayscale currently has over 350,000 bitcoins under its management.