Technology company MicroStrategy bought more Bitcoin, increasing its holdings to 174,530 BTC. As of Thursday morning, Bitcoin reserves stood at approximately $6.6 billion.
In a tweet Thursday, MicroStrategy founder and chairman Michael Saylor said his company, which provides software solutions to businesses looking to analyze data, purchased an additional 16,130 BTC this week at a price of $593.3 million.
According to Saylor’s announcement, the Tyson, Virginia-based company has now spent a total of $5.28 billion on cryptocurrencies.
It is by far the largest corporate holder of digital assets.
MicroStrategy first purchased Bitcoin in August 2020 during the COVID-19 pandemic. A bull run soon followed.
Saylor, who was the company’s CEO at the time, argued that the assets were a hedge against inflation and that since the company had a lot of cash, it would be the best strategy to generate maximum returns for shareholders.
And his plan appears to be working. MicroStrategy shares are up 238% since the company adopted the “Bitcoin standard.” Saylor argued that buying shares of a company is a way for investors to gain exposure to cryptocurrencies.
The current price of MicroStrategy stock (NASDAQ-listed MSTR) is $493.15 per share. Despite rising 17% over the past month, the stock is down 2% from yesterday’s close.
Saylor reiterated that Bitcoin is a superior asset to real estate and gold, and that it is “a reliable store of value and an attractive investment asset with a higher potential for long-term appreciation than holding cash.”
Other companies have since followed suit, most notably electric car company Tesla. The clean energy company led by Elon Musk, the world’s richest man, holds 9,720 BTC, or $366 million in digital coins.
Edited by Stacey Elliott.