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MicroStrategy adds more Bitcoin to their portfolio

ZBC

TL;DR Breakdown

  • MicroStrategy buys an additional $1 billion BTC.
  • Firm not ready to pause its Bitcoin investments.

Business intelligence firm MicroStrategy has purchased another $1.026 billion worth of Bitcoin on Wednesday. This marks the fourth time the firm would purchase Bitcoin, bringing its total holding to 90,531 BTC worth $4.78 billion at the time of writing.

According to the firm’s CEO, Michael Saylor, holding Bitcoin is now critical to the firm’s corporate strategy to grow. “The Company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding Bitcoin,” said Michael J. Saylor.

The CEO reaffirmed his belief in Bitcoin, stating that the widely adopted cryptocurrency can serve as a dependable store of value. He noted that MicroStrategy would continue to pursue its strategy to acquire Bitcoin with excess cash and use other possible means to accrue the cryptocurrency.

However, MicroStrategy President & CFO Phong Le said that Bitcoin is only complementary to their software business. “MicroStrategy remains dedicated to our enterprise analytics customers and our goal of operating a growing profitable business intelligence company.

“We believe our Bitcoin strategy, including our Bitcoin holdings and related activities in support of the Bitcoin network, is complementary to our software business by enhancing awareness of our brand and providing opportunities to secure new customers,” Phong Le said.

MicroStrategy leads corporate Bitcoin investment race

The business intelligence firm leads all other corporate investors regarding the highest amount of money staked in Bitcoin. The second corporate investor with the highest amount of Bitcoin is Tesla, who only recently joined the crypto race. The business intelligence firm is likely to remain the non-crypto firm with the highest Bitcoin holding as the firm’s CEO has no plan to stop amassing Bitcoin.

Apart from MicroStrategy and Tesla, the two firms with the highest Bitcoin holdings, other corporate investors with a stake in Bitcoin are Galaxy Digital Holdings, Grayscale Bitcoin Trust, Ruffer Investment Company, CoinShares, among others.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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