The cryptocurrency company MicroStrategy, co-founded by Michael Saylor, has increased its Bitcoin holdings to over $73 billion following a recent purchase.
Recent Bitcoin Purchases by MicroStrategy
On Monday, Michael Saylor announced that the company had acquired 525 Bitcoins for approximately $60 million, with an average price of $114,562 per coin. As a result, MicroStrategy's holdings totaled 638,985 BTC, valued at over $73 billion at the time of publication.
Accumulation Strategy for Bitcoin
The Bitcoin purchase was part of MicroStrategy's accumulation strategy, launched in August 2020 with a $250-million investment. Since then, the company has regularly announced significant BTC purchases, including a recent report of a $450 million acquisition at the end of August and early September.
Increasing Cryptocurrency Interest from State Funds
Some state treasuries in the US are exploring ways to directly hold cryptocurrencies like Bitcoin through strategic reserves. Other funds, such as pension funds in multiple states, have reported holding shares of MicroStrategy (MSTR). Additionally, an executive order signed by former President Donald Trump may accelerate the adoption of cryptocurrencies in 401(k) retirement plans.
The increase in Bitcoin holdings by MicroStrategy highlights a growing interest in cryptocurrencies as a hedge against inflation and a potential path toward legalizing digital assets at the regulatory level.
