Microstrategy Buys $2.1 Billion BTC, Now Holds Over 423K Bitcoins

American business intelligence company, Microstrategy, has increased its Bitcoin holding after purchasing a staggering amount of the flagship cryptocurrency, worth approximately $2.1 billion.

Microstrategy’s BTC accumulation plan aligns with a growing interest in cryptocurrencies among institutions, with the Michael Saylor-led firm at the top of the pyramid.

Microstrategy Secures 21,000 BTC

In a recent post on X (formerly Twitter), Saylor disclosed that his company had bought exactly 21,550 BTCs at an average price of $98,783. Consequently, its total holding now amounts to 423,650 Bitcoins.

Additionally, Saylor noted that Microstrategy has spent a total of $25.6 billion as of December 8, to acquire its total Bitcoin holdings at an average price of $60,324.

MicroStrategy has acquired 21,550 BTC for ~$2.1 billion at ~$98,783 per #bitcoin and has achieved BTC Yield of 43.2% QTD and 68.7% YTD. As of 12/8/2024, we hodl 423,650 $BTC acquired for ~$25.6 billion at ~$60,324 per bitcoin. $MSTR https://t.co/8r7bFqMFof

— Michael Saylor⚡️ (@saylor) December 9, 2024

According to a filing with the U.S. SEC, Microstrategy funded the Bitcoin purchase with proceeds it realized from selling company shares amounting to $2.13 billion.

Interestingly, Microstrategy purchased between December 2 and 8, a time when Bitcoin rallied passed $100k. While many investors were skeptical about investing at that high, Saylor and his company entered the market, demonstrating full confidence that the asset would continue to grow.

This action aligns with Saylor’s previous comment in an interview where he said he would continue “buying Bitcoin at the top forever.”

With over 423k BTC in Microstrategy’s reserve, the company now controls more than 2% of the total Bitcoin 21 million supply.

Michael Saylor Constantly Advocates for Bitcoin

Saylor has always been a staunch supporter of Bitcoin, consistently pointing to it as a good long-term investment. In fact, the day Bitcoin first crossed $100k, Saylor advised the U.S. government to dump gold and turn to Bitcoin as a reserve.

He outlined a strategy where the government attacks its “enemies” by disposing of all its gold so the asset drops to zero, and Bitcoin shoots to $100 trillion.

“Dump your gold. Sell all the US gold and buy Bitcoin. You will demonetize the entire gold asset class. And our enemies hold gold in their banks, so their assets would go to zero. Our assets would go to $100 trillion.“

Saylor’s advocacy and Microstrategy’s tactics of continuous Bitcoin accumulation have rubbed off on other smaller companies. Particularly, Marathon Digital and Metaplanet have increased their Bitcoin balance sheet, reflecting a shared belief in Bitcoin’s future.

At press time, Bitcoin traded at $97,706, representing a marginal decline of 0.61% in the last 24 hours. However, BTCs one-day trading volume skyrocketed by 87.3% to $113 billion, with a live market cap of $1.93 trillion.