MicroStrategy is at it Again, Tops its BTC Bag with 1,434 Bitcoin Purchase

American business intelligence and software company, MicroStrategy Incorporated has pushed its position as a Bitcoin whale further with a new acquisition. According to a Thursday filing lodged with the United States Securities and Exchange Commission (SEC), the Tysons, Virginia-based firm acquired an additional 1,434 Bitcoin worth approximately $82.4 million in cash at an average price of roughly $57,477.

As of this latest purchase, MicroStrategy now HODLs as much as 122,478 bitcoins that were acquired at an aggregate purchase price of $3.66 billion and an average purchase price of approximately $29,861 per bitcoin, inclusive of fees and expenses.

Despite being primarily a data intelligence company, MicroStrategy has grown to become one of the most important entities supporting the transition of the cryptocurrency industry as it concerns institutional adoption. The pivotal influence the company has now makes it feature in a number of crypto indexes. 

The idea is simple, the continuous acquisition of Bitcoin has positioned the company’s shares to have somewhat a correlation with the movements in the price of the nascent asset class. For conservative investors who fear holding the physical Bitcoin asset, purchasing MicroStrategy Shares or an index featuring the shares is often considered as a safe avenue to gain access to the crypto ecosystem.

The trust in Bitcoin as its primary Treasury Reserve Asset has propelled the company to raise debt funds in billions to finance the aggressive purchase of digital currency. Chief Executive Officer Michael Saylor is banking on the technical superiorities of the digital assets which makes it deflationary, thereby increasing the chances of the cryptocurrency soaring in value over time.

Many, including gold bug Peter Schiff have criticized Saylor’s approach to using investors’ funds, however, these criticisms and the incessant price slumps are not enough to deter the firm from continuing on its very bullish stance on Bitcoin and the crypto ecosystem.