Massive Bitcoin (BTC) Purchase Announced by MicroStrategy

MicroStrategy has acquired an additional 14,620 Bitcoins for approximately $615.7 million. 

This purchase, which was announced earlier this Wednesday, was made at an average price of about $42,110 per Bitcoin, inclusive of fees and expenses.

The acquisition took place over a period from Nov. 30 to Dec. 26, involving MicroStrategy and its subsidiaries. 

$6 billion Bitcoin fortune

With this latest investment, MicroStrategy's total Bitcoin holdings now stand at approximately 189,150 Bitcoins, acquired at an aggregate purchase price of around $5.895 billion and an average price of approximately $31,168 per Bitcoin.

The price of the flagship cryptocurrency is currently sitting at $42,862, according to CoinGecko data.  

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This major investment follows a substantial purchase made by MicroStrategy in November. The company had previously announced the acquisition of 16,130 Bitcoins, totaling about $593.3 million.

MicroStrategy began buying Bitcoin in August 2020. This marked the start of the company's strategic shift to adopt Bitcoin as a primary treasury reserve asset.

Unfazed by Bitcoin ETF frenzy

In a recent Bloomberg interview, MicroStrategy's executive chair and cofounder Michael Saylor confidently stated that the advent of Bitcoin ETFs in the U.S. will not dampen the allure of MicroStrategy for investors keen on Bitcoin exposure. 

Saylor's argument hinges on a unique value proposition: unlike the upcoming ETFs, which do not employ leverage or tack on fees, MicroStrategy offers a leveraged, no-fee route for those bullish on Bitcoin.

His strategy for MicroStrategy involves not just accumulating Bitcoin but also employing financial tactics like securing zero-interest loans to enhance its Bitcoin investment strategy.