Microstrategy buys Bitcoin in large volume again - this is the eighth consecutive weekly purchase.
Microstrategy has announced an additional $209 million purchase of Bitcoin, its eighth consecutive weekly purchase. The cloud computing company turned “Bitcoin developer” said it paid an average price of $97,837 to purchase 2,138 BTC.
That means Microstrategy, which is the world's largest Bitcoin holder, now owns a total of 446,400 BTC, worth about $41 billion.
The founder and executive chairman of the company, Michael Saylor, first began buying Bitcoin for Microstrategy's treasury in 2020 after the market collapse caused by the pandemic in March of that year. As the Federal Reserve was preparing to pump trillions into the U.S. economy, Saylor seized the opportunity—and hasn't looked back since.
Gradually buying more and more Bitcoin over the years, Microstrategy has recently accelerated its purchases. On Monday after Donald Trump's victory on Election Day, the company announced one of its largest purchases to date, buying over $2 billion worth of Bitcoin at an average price of $74,463. The company continued to buy an additional $4.6 billion the following week, and then raised its stakes the week after with the largest purchase to date: $5.4 billion in a single transaction.
Since then, the company has continued to purchase Bitcoin weekly with no signs of slowing down.
Saylor's bullish moves often drive the price of Bitcoin, but market action today has been relatively quiet so far. Bitcoin is down about 2% on the day, from a high of $94,000 today to about $91,700 at the time of writing. This figure is still far from the all-time high of $108,135, a level the currency reached just two weeks ago, but Saylor doesn't seem worried.
Microstrategy has spent about $27.9 billion to build its Bitcoin treasury, nearly double the investment amount so far, Saylor reminded his followers on X (formerly known as Twitter).
So what is the game plan? When will Microstrategy sell off its $BTC and start cashing in on those profits? Not anytime soon—and maybe never, if Saylor can be believed. In an interview with CNBC earlier this month, Saylor stated: "We will continue to buy the top forever."
