MicroStrategy purchases another $1 billion worth of Bitcoin, now owns 90,000 BTC

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Enterprise intelligence agency MicroStrategy elevated its Bitcoin (BTC) holdings by 27% on Wednesday after buying a further 19,452 cash, taking its complete haul to 90,531 BTC.

Announced on the corporate’s web site on Wednesday, the cash have been reportedly bought for about $52,765 per coin, equating to an outlay of simply over $1 billion.

MicroStrategy CEO Michael Saylor mentioned the agency’s focus was now twofold: develop its analytics software program enterprise, and purchase extra Bitcoin. 

Saylor mentioned, “The Firm stays centered on our two company methods of rising our enterprise analytics software program enterprise and buying and holding bitcoin.”

Within the six months since MicroStrategy announced its first $250 million investment in Bitcoin, the company has gone on to spend in excess of $4 billion on the digital asset. Saylor said there was no plan to stop buying BTC any time soon.

“The company now holds over 90,000 bitcoins, reaffirming our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value. We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin.”

The value of MicroStrategy’s purchase exceeded the figures previously floated by the firm, which announced it would raise $900 million to buy more Bitcoin on Feb. 17.

Phong Le, president and chief monetary officer of MicroStrategy, mentioned the Bitcoin purchases would assist improve consciousness of its model as a software program enterprise whereas additionally performing as an indication of religion within the Bitcoin community.

“We imagine our bitcoin technique, together with our bitcoin holdings and associated actions in assist of the bitcoin community, is complementary to our software program enterprise, by enhancing consciousness of our model and offering alternatives to safe new prospects,” he mentioned.