Business intelligence firm MicroStrategy has added $458.2 million worth of Bitcoin to its coffers, according to a Friday announcement made by cofounder Michael Saylor.
The company now holds a total of 252,220 Bitcoin ($15.85 billion at current prices). Notably, MicroStrategy already holds 1.25% of all Bitcoin in circulation.
The company’s average purchasing price now stands at $39,266.
At current prices, the company is sitting on an impressive profit of $5.95 billion.
Alex DovbnyaThe largest cryptocurrency is currently changing hands at $62,928. Earlier today, the price of Bitcoin briefly surged above the $64,000 level.
As usual, the mammoth purchase had little impact on the market since MicroStrategy’s moves are mostly priced in by the market.
On Friday, MicroStrategy also announced that it had secured a whopping $1 billion with the help of its most recent debt offering.
Despite his massive purchases, Saylor is not a universally beloved figure within the Bitcoin community. Earlier this week, he attracted strong backlash from some of its members after suggesting that traditional financial firms like JPMorgan could successfully offer Bitcoin yield, during a conversion with “The Bitcoin Standard” author Saifedean Ammous.
He argued that the banking giant could secure a “risk-free” 5% yield for customers. Otherwise, Bitcoin would be a “non-performing asset” akin to government bonds. This, however, runs counter to the vision of some of the more dogmatic Bitcoiners, who are uncompromisingly hostile toward central banks and centralized institutions like JPMorgan.
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin