On Wednesday, American intelligence firm MicroStrategy added to its Bitcoin stash with the purchase of 1,048 BTC for $29.3 million. The company’s founder, Michael Saylor, disclosed the acquisition in a tweet as MicroStrategy bought bitcoin for the second time in nine days.
With the latest purchase, MicroStrategy now owns 140,000 BTC, investing over $4.17 billion to acquire the assets at an average price of $29,803. The business intelligence firm maintains its spot as the number one public company with the largest Bitcoin portfolio.
The Purchase Spree Continues
MicroStrategy has continued to take advantage of the bear market with its steady purchases of bitcoin. Since Microstrategy first acquired BTC in August 2020 and kicked off its Bitcoin strategy, the analytics giant has not held back from periodically buying the digital asset.
Saylor sees Bitcoin as the future of finance and has maintained his belief that the asset is the safest and most reliable investment in the market today. He sees BTC as “real money” and a protection from inflation that is always bound to happen in the traditional financial system.
Risk? What Risk?
In the face of trying times for MicroStrategy, it has maintained resilience in acquiring Bitcoin. The tech firm announced a few days ago that its loan to the troubled financial company, Silvergate. A US court also recently cleared Microstrategy of tax evasion allegations leveled against it.
Despite strong opposition to MicroStrategy’s continued advocacy for Bitcoin, the firm is showing it has just started on its cryptocurrency adoption. The company is also not at risk of seeing its funds go underwater, as it is close to breaking even on its Bitcoin purchase.
If speculations are anything to go by then Bitcoin will get to $30,000 soon, an event that will take MicroStrategy to break even at $29,803. Saylor also noted that MicroStrategy faces the risk of liquidation unless Bitcoin gets to $3,561, which is unlikely for the world’s most prominent cryptocurrency.
