$ 30,216.00 3.07%
$ 2,033.23 3.16%
$ 51.51 3.65%
$ 0.086584 2.44%
$ 8.09 3.25%
$ 1.43 6.43%
$ 0.000181 63.95%

Microstrategy hints at the purchase of more BTC in a new letter


TL; DR Breakdown

  • Microstrategy wants to purchase more BTC
  • The company holds 129,218 BTC
  • Saylor continues to advocate for Bitcoin

With Bitcoin not looking to slow down despite the slight downturn of recent, some investors are using the time to stack up their confines. One such is Microstrategy CEO Michael Saylor, who has yet again promised investors of the company’s resilience in purchasing more Bitcoin. In a letter drafted and sent by the Saylor to stakeholders and investors in the company, he noted that the firm intends to be frugal with its reserve strategy. He pointed out that this strategy will allow the company to purchase more of the asset as they deem fit.

Microstrategy holds 129,218 BTC

Microstrategy has etched its place in top place regarding public trades companies holding the leading digital asset. According to certain wallet tracking websites, the public investment firm now has around 129,218 Bitcoin within its confines. Presently, the digital assets have a cumulative worth of $5.1 billion, with the firm adding a small 4,197 BTC at the start of this month. Compared to the firm in second place, Tesla, the difference is a staggering $3.4 billion.

Notably, Tesla holds a meager $1.7 billion worth of the leading asset. In the latest statement, the CEO of the investment firm has attributed some of its successes to its choice to enter the crypto market early with its first Bitcoin purchase. Indifference, the company now sits on a massive profit of $1.2 billion with the Bitcoin in its confines. In his letter, the Microstrategy boss mentioned that the country had seen considerable success with its choice to hold Bitcoin.

Saylor continues to advocate for Bitcoin

The letter also mentioned that even though Microstrategy’s executives were finding it hard to get liability insurance, the company is thriving well off the BTC. Notably, Saylor has provided the executives with insurance from his purse. One of the reasons that Microstrategy took this leap in Bitcoin purchase was that the CEO held a 68% stake in the company. This has also shown why companies in the same line have not been able to replicate his feat in the Bitcoin market.

Saylor has also been a massive voice for Bitcoin since he made his first purchase for the firm back in 2020. A recent publication mentioned that the company was looking to take a collateralized loan in Bitcoin, using the proceeds to purchase more digital assets. Although Bitcoin has not been doing well recently, high-value purchases by Microstrategy and Terra have impacted the asset’s price.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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