Strategy exceeds 500,000 BTC – Michael Saylor buys again for 58.4 million US dollars
MicroStrategy remains committed to its Bitcoin strategy as a corporate policy. Now it has bought another good 5,445 BTC. As of October 1, 2023, MicroStrategy holds more than 158,000 Bitcoin.
Michael Saylor can’t get enough of Bitcoin, even though the price of BTC has not been moving positively in trends over the past few months. The US software company MicroStrategy, where Saylor is the executive chairman, announced that it had bought another 5,445 BTC for a total of approx. 58.4 million US dollars or about 10,750 US dollars per coin. According to its own information, MicroStrategy now holds a total of more than 158,245 Bitcoin, a substantial increase from the approximately 152,800 BTC reported in mid-July. The average price per Bitcoin in MicroStrategy’s treasury is around 29,582 US dollars. The current market price of Bitcoin is about 27,800 US dollars.
Saylor already declared in 2020 that he views Bitcoin as the far better alternative to fiscal solutions for companies to hedge against inflation than classic investments and currency reserves. Through his public statements and regular Bitcoin buys, Saylor has been regarded as one of the most prominent advocates of BTC in the financial world. MicroStrategy has spent approximately 4.68 billion US dollars on its Bitcoin holdings to date. Meanwhile, the company used its BTC holdings as collateral to refinance itself through credit.
A glance at the price performance of MicroStrategy stocks shows that the concept of Bitcoin as a corporate strategy has found supporters among investors. Thus, on a yearly basis, MicroStrategy’s shares were up over 200 percent, significantly higher than the rate of return that Bitcoin has registered itself over the same period. This development is partly attributed to the fact that Saylor and MicroStrategy, as the world’s largest single holder of Bitcoin, are deemed to have a close relationship with the markets and thus got the faith of the investors.
For the future, Saylor has already promised to remain loyal to Bitcoin and that MicroStrategy could expand its BTC holdings. The visions of Bitcoin reaching at least 100,000 US dollars in price, which Saylor regularly paints, have not yet become a reality. Nevertheless, Bitcoin is still the focus currency of large investors when it comes to the introduction of BTC as an asset class and the possibility of Bitcoin ETFs. Observers see these developments as likely drivers of the Bitcoin price, alongside the planned scheduled halving of Bitcoin supply in Spring 2024.
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