MicroStrategy, a major software firm, has made headlines by going on its biggest Bitcoin (BTC) buying spree since 2021. According to a report by Bloomberg, the company purchased 18,300 Bitcoin for approximately $1.1 billion between August 6th and September 12th. This marks the largest acquisition since February 2021, when MicroStrategy bought 19,452 BTC.
MicroStrategy now holds a staggering 244,800 BTC, valued at $14 billion, representing roughly 1% of Bitcoin's total supply. This aggressive buying strategy aligns with the firm's approach to use Bitcoin as a hedge against inflation. The average cost of the recent purchases was $38,585 per Bitcoin.
The company, co-founded by former CEO and Bitcoin enthusiast Michael Saylor, has consistently viewed Bitcoin as a store of value. This strategy is gaining attention, especially with significant institutional interest.
One noteworthy institutional player is South Korea’s National Pension Service, which manages over $764 billion in assets. Earlier in 2023, it significantly increased its stake in MicroStrategy, purchasing shares worth tens of millions of dollars. As of June 30th, it owns 245,000 shares valued at $32.5 million.
Interestingly, MicroStrategy's stock price has more than doubled in 2024, outperforming Bitcoin itself, which saw a 40% price increase during the same period. Currently, Bitcoin trades at $59,425, a modest 1.5% increase in the last 24 hours, while MicroStrategy’s stock is valued at $139.60.
MicroStrategy's recent move underscores the growing trend of institutional adoption of cryptocurrencies. As companies continue to integrate digital assets into their financial strategies, the landscape of blockchain technology and decentralized finance (DeFi) is poised for significant growth.
Disclaimer: The information in this article is not investment advice. Conduct thorough research before investing in any digital assets. The Daily Hodl and its contributors are not responsible for any decisions made based on this content.
