In a tweet on Tuesday, September 20, Microstrategy Executive Chairperson, Michael Saylor announced that the Virginia-based tech company purchased 301 additional Bitcoins on the prior day – Monday.
The announcement comes less than a week after much of crypto blockchain news had been dominated by the Ethereum merge and move to Proof-of-Stake (PoS) consensus. That move is believed to have potentially impacted prices across the entire market, to include BTC which currently sits at $19,256 per coin at the time of writing, under the psychological market level of $20,000.
Details Of The Microstrategy Bitcoin Acquisition
According to the Microstrategy founder and vocal leader, the company purchased the 301 BTC for $6 million USD, at an average price of $19,851. The last time Microstrategy purchased Bitcoin was back in June officially when it bought 480 Bitcoins in exchange for $10 million USD cash. The purchase on Monday brings the total company Bitcoin holdings to 130,000 BTC.
In the same tweet the chairman gave details of Microstrategy’s average price since it began acquiring BTC back in August 2020. Of the 130,000 Bitcoin owned by Microstrategy, total cost to the company has been $3.98 billion, with an average buy price of $30,639 per coin.
Largest Holdings Of All Public Companies
Microstrategy reportedly holds the most amount of BTC of all publicly listed companies with 130,000 Bitcoins. The only other entity alleged to have a larger holding of BTC is the former exchange giant Mt Gox, who according to a bankruptcy trustee for the company’s account, will distribute 141,686 Bitcoins to creditors at some point in the future. Block.one, the team behind EOS holds 140,000 BTC according to data made available by the Bitcoin Treasuries platform.
Microstrategy has demonstrated how to HODL (Hold On for Dear Life), a concept long-established and practiced in certain scenarios by any individual who has spent enough time trading and investing in the crypto market sector. Over the space of two years Microstrategy has DCAd (Dollar-Cost Average) to amass significant holdings in BTC, and simultaneously perhaps have at least started to establish new precedence amongst public companies. Those new practices specifically relate to the acquisition and potential future use of digital currencies for payments and other features by major US and international companies.
Predicting The Future Of Finance
Michael Saylor has been a longtime supporter of Bitcoin, and is even considered by most individuals tuned into the digital currency space, to be a Bitcoin maximalist. A BTC maximalist, or Bitcoin maxi for short, is used to describe an individual who greatly favors Bitcoin over any other digital currency.
The Microstrategy chief has been openly and unapologetically vocal in his support of Bitcoin as the top digital currency now and in times to come. As the leader of Microstrategy Mr. Saylor has demonstrated a clear level of consistency and confirmed beliefs in BTC by purchasing, even after critics have frequently questioned him being Bitcoin-positive. Whether Michael Saylor and Microstrategy know something which others don’t, or are just completely convinced of the advancements Bitcoin and its technology will offer global finance and business in the future, the company and its recent purchase of 301 more coins really require no additional explanation.