MicroStrategy Inc., the leading independent publicly-traded intelligence firm has invested an additional £0.722 billion in BTC. The firm unveiled this news through a tweet and a press release on February 24, noting that the company purchased approximately 19,452 BTC at £37,431.75 per coin. Through this investment, MicroStrategy’s BTC wealth has increased to approximately 90,531 coins.
MicroStrategy has purchased an additional ~19,452 bitcoins for ~$1.026 billion in cash at an average price of ~$52,765 per #bitcoin. As of 2/24/2021, we #hodl ~90,531 bitcoins acquired for ~$2.171 billion at an average price of ~$23,985 per bitcoin. $MSTRhttps://t.co/FbsRYhXEhn
— Michael Saylor (@michael_saylor) February 24, 2021
According to the press release, the company acquired its entire BTC wealth at a collective amount of approximately £1,539.55. To this end, MicroStrategy believes that it bought each coin at an average price of £17,008.84, inclusive of fees and expenses.
Saylor said this investment is part of the company’s wider goal, which involves expanding its enterprise analytics software business and buying and hodling BTC. According to him, this purchase reaffirms the firm’s belief that BTC can serve as an effective and reliable store of value.
Plans to purchase more BTC
MicroStrategy intends to push forward its strategy of acquiring more BTC with excess cash. The company might from time to time, issue debt or equity securities in capital-raising transactions, subject to market conditions. In doing so, the company hopes to get profits that it would use to purchase more BTC.
Commenting on this bullish development, MicroStrategy’s President and CFO, Phong Le, said,
MicroStrategy remains dedicated to our enterprise analytics customers and our goal of operating a growing profitable
