MicroStrategy continues to buy and now holds more Bitcoin than US government
Michael Saylor announced that his company bought another $50 million worth of bitcoin as the coin declined over the weekend.
Business intelligence firm MicroStrategy has now bought another 29,646 bitcoin (BTC) worth for a total of $650 million. This means the company paid an average of US$21,925 for this purchase.
MicroStrategy CEO Michael Saylor tweeted immediately after the price pulled back to US$22,247. It is unclear if the purchase was related to this as well.
MicroStrategy announced earlier this month that it wanted to buy more bitcoin. To do so, the company wanted to sell US$400 million worth of bonds Corona Millionaire to raise money to buy bitcoin. The bond sale eventually raised US$650 million. And as promised, the money was used to buy Bitcoin.
The company now holds a total of 70,470 BTC, which it bought at an average price of US$15,964 per coin. This makes it the fifth largest single Bitcoin hoarder.
The United States government holds about 69,420 BTC
MicroStrategy began buying bitcoin in August. In the process, the company acquired 21,000 BTC for $250 million. At the time, the company said it wanted to make Bitcoin its primary reserve currency to hedge against US dollar inflation.
The company then bought another US$425 million worth of Bitcoin in September through Coinbase’s OTC space.
Recently, Saylor encouraged fellow billionaire Elon Musk to follow his lead and use BTC instead of the US dollar as Tesla’s primary reserve currency. This would encourage other S&P 500 companies to follow suit, Saylor said. That would increase the benefits of such a move.