MicroStrategy, a big data analytics company, just doubled down on Bitcoin (BTC) in a huge way. They bought another 21,550 BTC for roughly $2.1 billion!
Another Bitcoin Buying Spree
This purchase comes after Bitcoin hit a record high of over $100,000. MicroStrategy funded this latest buy by selling company shares, raising about $2.13 billion. The purchases happened between December 2nd and 8th, with an average price of $98,783 per Bitcoin (including fees).
MicroStrategy’s Massive Bitcoin Holdings
CEO Michael Saylor announced on X (formerly Twitter) that MicroStrategy now owns a whopping 423,650 BTC! That cost them a total of $25.6 billion, averaging $60,324 per Bitcoin. That’s over 2% of all the Bitcoin that will ever exist!
Saylor’s bullish on Bitcoin, saying he plans to keep buying even at much higher prices. He even suggested the US government should swap its gold reserves for Bitcoin! He believes this would be a massive win for the US and a huge blow to its adversaries.
A Winning Strategy?
This was MicroStrategy’s fifth consecutive week of buying Bitcoin. During this period, Bitcoin’s price jumped 40%, and MicroStrategy’s stock price rose by about 20%! For the year, MicroStrategy’s stock is up a staggering 520%!
This success is inspiring other companies, like the Japanese investment firm Metaplanet, to consider similar strategies. Saylor is even trying to convince Microsoft to join the Bitcoin bandwagon.
However, not everyone is convinced. Peter Schiff, a long-time gold investor, thinks MicroStrategy’s Bitcoin bet is a risky move.
At the time of writing, Bitcoin is trading just above $100,000.
