MicroStrategy, a leading business intelligence and cloud computing company, has announced that it has acquired 16,130 more Bitcoin in the fourth quarter of 2023, worth about $593.3 million at the time of purchase. This brings the company’s total Bitcoin holdings to 181,000, which it claims to be the largest corporate Bitcoin treasury in the world.
The company’s CEO, Michael Saylor, has been a vocal advocate of Bitcoin as a store of value and a hedge against inflation. He has repeatedly stated that he believes Bitcoin is superior to gold and other traditional assets, and that he intends to hold it for the long term. He has also encouraged other companies and institutions to follow his example and adopt Bitcoin as part of their balance sheet strategy.
MicroStrategy’s latest purchase comes amid a bullish market sentiment for Bitcoin, which has surged to new all-time highs in November 2023, reaching over $40,000 per coin. The cryptocurrency has also gained more mainstream recognition and adoption, with several countries, banks, and corporations embracing it as a legal tender, a payment option, or an investment vehicle.
MicroStrategy’s move is likely to boost the confidence and demand for Bitcoin among other investors and potential adopters, as it demonstrates the company’s commitment and conviction in the future of the digital asset. It also shows that MicroStrategy is not deterred by the volatility and regulatory uncertainty that still surround Bitcoin, and that it is willing to take advantage of the dips and accumulate more coins at lower prices.
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The company’s stock price (MSTR) has also benefited from its Bitcoin strategy, as it has outperformed the S&P 500 index by over 300% since it started buying Bitcoin in August 2020. The company has also issued several convertible bonds and senior notes to raise funds for its Bitcoin purchases, indicating that it has a strong cash flow and credit rating.
MicroStrategy now hodl’s 174,530 Bitcoins in Total
MicroStrategy’s bold and visionary approach to Bitcoin has earned it the respect and admiration of many in the crypto community, as well as the attention and scrutiny of regulators and critics. The company has faced some legal challenges and investigations from the Securities and Exchange Commission (SEC) and other authorities over its Bitcoin disclosures and accounting practices, but it has maintained its compliance and transparency throughout.
MicroStrategy’s example may inspire more companies and institutions to follow suit and allocate some of their capital to Bitcoin, as they seek to preserve their wealth and enhance their returns in an uncertain and inflationary economic environment. MicroStrategy has proven that Bitcoin is not only a viable but a profitable and strategic asset class for the modern era.