MicroStrategy purchased 15,350 BTC for USD 1.5 billion at USD 103,386 per BTC, bringing its total holdings to 439,000 BTC, worth over USD 44 billion. Despite the criticism, Michael Saylor insists that “every day is a good day to buy Bitcoin.” MicroStrategy's BTC strategy drove quarterly returns to 46.4%, leading to inclusion in the Nasdaq 100.
MicroStrategy (MSTR) co-founder and executive chairman Michael Saylor has re-added to his company's Bitcoin (BTC) holdings, announcing his first purchase of BTC valued at over US$100,000 (AU$155,000). I made it clear.
Saylor revealed in a post on did. This latest acquisition brings MicroStrategy's total holdings to 439,000 BTC, which is now worth more than US$44 billion (AU$69 billion).
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MicroStrategy has invested US$27.1 billion (AU$42 billion) to accumulate Bitcoin holdings at an average price of US$61,725 (US$968,000) per BTC. This purchase came shortly after the company added 21,550 BTC, bringing its holdings to $42 billion at the time. And this was less than two weeks ago…
MicroStrategy moves forward
MicroStrategy's efforts to accumulate Bitcoin have drawn criticism along the way. For example, Bitcoin's biggest hater, Peter Schiff, argued that if companies stopped buying or were forced to sell, the price of Bitcoin would plummet.
Just as I thought. Imagine how much the price of Bitcoin will drop if you stop buying. Now imagine how much it would go down if your creditors forced a sale.
peter schiff
So what's the reason for Saylor and MicroStrategy? It's quite simple, he told CNBC's Money Movers:
We will continue to buy the top forever, every day is a good day to buy Bitcoin
michael saylor
But Michael Saylor always has an answer for everyone, including those who called the company's BTC hoarding a Ponzi scheme.
Criticisms aside, MicroStrategy's continued BTC purchases continue to provide momentum for both the company and Bitcoin itself. The company recently entered the Nasdaq 100, a major milestone expected by Bernstein analysts. This could push MSTR stock higher and more institutional investors could add to it to align their portfolios with the index.
Related article: Ethereum poised to hit new all-time highs in Q1, analyst says
The company reported a Bitcoin yield of 46.4% for the quarter and 72.4% year-to-date. The large-scale BTC acquisition strategy, often valued at more than US$1 billion and unveiled on Monday, is so central to the company's business that investors may be left wondering what this company is all about. It happens often.
