MicroStrategy just doubled down on its Bitcoin investment. The business intelligence company announced today that they purchased an additional $347 million in Bitcoin, bringing total holdings to 152,333 BTC.

More Bitcoins Into The Purse

Microstrategy has been a long supporter of Bitcoin, with former CEO Michael Saylor referring to the cryptocurrency as the digital synthetic successor to gold. He has also been vocal about Bitcoin’s potential as a hedge against inflation, much like physical gold.

The firm started buying Bitcoin back in August 2020 worth over $250 million and hasn’t slowed down since. According to a Twitter post by Michael Saylor, this latest buy of 12,333 BTC was purchased at an average price of $28,136 per bitcoin between April 29, 2023, and June 27, 2023.

This brings the total purchase up to approximately $4.52 billion at an average price of $29,668 per bitcoin inclusive of fees and expenses. MicroStrategy, together with its subsidiaries, currently holds an aggregate of approximately 152,333 bitcoins.

MicroStrategy has acquired an additional 12,333 BTC for ~$347.0 million at an average price of $28,136 per #bitcoin. As of 6/27/23 @MicroStrategy hodls 152,333 $BTC acquired for ~$4.52 billion at an average price of $29,668 per bitcoin. $MSTR https://t.co/joHo1gEnR0

— Michael Saylor⚡️ (@saylor) June 28, 2023

More Mainstream Acceptance

MicroStrategy isn’t the only company dabbling into Bitcoin investment, as many companies and hedge funds have allocated portions of their portfolios to Bitcoin over the years. Companies like Tesla an

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Author: Scott Matherson

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