MicroStrategy revealed its latest purchase of 18,300 bitcoin in a post on the X platform on Friday. The company now holds 244,800 bitcoin, extending its lead as the largest holder of bitcoin among public companies.
MicroStrategy bought an additional 18,300 bitcoins at an average price of $60,408 per unit, bringing the value of its bitcoin holdings to $1.11 billion. The company has achieved a 17% return on its total holdings of this digital currency since the beginning of the year.
Since 2020, MicroStrategy has been adopting a new strategy that allocates a large portion of its assets to Bitcoin, believing in its value as a safe asset that preserves wealth and protects against inflationary fluctuations. The company has significantly increased this investment over the past four years, following the vision of CEO Michael Saylor.
The transaction was financed by the sale of the company's shares, and all financial details, including fees and the exchanges through which the transaction was executed, were disclosed in the filing with the Securities and Exchange Commission.
Following the announcement, Bitcoinâs price rose 3% in the past 24 hours, extending its weekly gains to 11.6%. Bitcoinâs recent surge may be due to a decline in Bitcoin exchange reserves and an increase in stablecoin reserves, according to CryptoQuant data.
