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MicroStrategy has announced it will invest another $561 million in Bitcoin, the company’s Executive Chairman Michael Saylor said in a tweet. This latest investment brings the total amount of Bitcoin held by the firm to over 129,000 BTC.
The move comes as the cryptocurrency market is experiencing a pullback, with many investors and traders taking profits off the table following the recent price surge. The decision highlights the company’s commitment to its Bitcoin strategy, which has seen significant success in recent years.
MicroStrategy initially began buying Bitcoin in August 2020 when it purchased $250 million worth of BTC at an average price of around $11,200 per coin. Since then, the company has continued to accumulate more Bitcoin, with each investment generating substantial returns.
As reported by CryptoSlate earlier this month, MicroStrategy’s Bitcoin portfolio had already generated a profit of over $1 billion. This latest addition is expected to further increase the company’s profits and cement its position as one of the largest institutional holders of the cryptocurrency.
It’s worth noting that MicroStrategy’s investment strategy has been met with significant interest from other investors and companies. In recent years, there have been numerous reports of institutional investors, such as pension funds and hedge funds, looking to allocate a portion of their portfolios to cryptocurrencies like Bitcoin.
While some critics have raised concerns about the potential risks associated with holding large amounts of Bitcoin, Michael Saylor has consistently emphasized the benefits of the cryptocurrency’s decentralized nature and limited supply.
Source: cryptoslate.com
