In August 2020, #MicroStrategу made its first bitcoin purchase, buying 21,454 bitcoin for $250 million.
Fast forward three and a half years and the company now owns over 1% of all the bitcoin that's been mined.
MicroStrategy has steadily bought more of the digital token ever since its first purchase. The company bought another 9,245 tokens for $623 million between March 11 and March 18, according to an SEC filing.
That takes its total stash to 214,246 tokens, which is just over 1% of the roughly 19.7 million tokens issued so far.
MicroStrategy's crypto craze has been driven by co-founder Michael Saylor, a long-time bitcoin bull who has recently said the #crypto will "eat gold," the asset that it's most often compared to.
His bets seem to have paid off as bitcoin has taken off on a blockbuster rally in the last 12 months. MicroStrategy's stock is up around 380% in the past year, while $BTC has jumped more than 150% in that time.
Almost a quarter of MicroStrategy's bitcoin purchases have been made in 2024 alone, Bloomberg noted.
According to the original bitcoin white paper by Satoshi Nakamoto, the total amount of bitcoin that's possible to be mined is capped at 21 million. That ceiling is expected to be hit in 2140 as every four years, the amount of bitcoin that miners are rewarded with for adding new tokens to the blockchain halves.
