The massive Bitcoin holdings of Virginia-based business intelligence firm MicroStrategy have swelled to 226,500 BTC.
Earlier today, Saylor took to X to announce that the company had acquired an additional 169 BTC for $11.4 million this July.
MicroStrategy is the biggest corporate holder of Bitcoin by a larger margin. According to data provided by Bitcoin Treasuries, the current value of its Bitcoin holdings has surpassed $14.5 billion. Marathon Digital, a major Bitcoin mining company, comes in a very distant second place with $1.29 billion worth of BTC.
In a follow-up social media post, Saylor stressed that the Bitcoin strategy is the best strategy, highlighting the impressive performance of his company's shares. Since the adoption of the strategy in August 2020, the stock is up an impressive 1,206%. For comparison, the tech-heavy Nasdaq 100 is up only a "measly" 60% over the same period of time. This overperformance is supposed to validate Saylor's audacious bet that initially raised a lot of eyebrows.
However, the company has also attracted some detractors. For instance, cryptocurrency critic Peter Schiff has predicted that MicroStrategy will be forced to sell its holdings by creditors. The gold bug has repeatedly taken aim at the biggest corporate holder of Bitcoin, suggesting that it could be on the brink of collapse.
In the second quarter of the year, the company reported a loss of $102.6 million due to cryptocurrency-related impairment charges. In the previous quarter, MicroStrategy also reported a net loss of $115.2 million.
Accounting rules do not allow the company to recognize recent Bitcoin price gains. The company is yet to adopt a new FASB standard that would allow it to include unrealized gains in the leading cryptocurrency as part of its quarterly earnings.
Dan Burgin
Vladislav Sopov