Key Points
- MicroStrategy bought an additional 21,550 Bitcoin (BTC) for roughly $2.1 billion between Dec. 2 and Dec. 8.
- The company’s total Bitcoin holdings now total 423,650 tokens, valued at approximately $41 billion.
MicroStrategy has expanded its Bitcoin holdings by purchasing an extra 21,550 tokens. The purchase, which took place from Dec. 2 to Dec. 8, was confirmed by executive chairman Michael Saylor. The total expenditure was about $2.1 billion in cash.
This new acquisition has increased the company’s total Bitcoin holdings to 423,650 tokens, which are currently valued at around $41 billion. This marks the fifth consecutive weekly purchase by the company.
Investment Details
According to Saylor, the company has invested an estimated $25.6 billion in Bitcoin at an average price of $60,324 per coin. Data from Bitwise Europe shows that the company’s Bitcoin purchases have significantly increased in 2024.
The aggressive Bitcoin strategy initiated by Saylor in 2020 has generated around $16 billion in unrealized profits. As of Dec. 9, Bitcoin was trading above $98,900. The recent $2.1 billion investment is part of Saylor’s larger plan to accumulate $42 billion worth of Bitcoin. He aims to complete this plan by 2027/2028.
Push for Bitcoin Adoption
Saylor has been an advocate for Bitcoin, encouraging other large companies to adopt it. He even pitched Bitcoin to the Board of Directors at Microsoft, a company valued at $3 trillion. Other crypto-native founders, such as Coinbase CEO Brian Armstrong and former Binance CEO Changpeng Zhao, have also encouraged governments and other major companies to acquire Bitcoin. Armstrong has advised nations to consider the leading digital asset as a hedge against inflation. Similarly, Zhao has suggested that Amazon should add Bitcoin to its balance sheet and payment methods in response to shareholder requests.