MicroStrategy holds a total of 124,391 Bitcoin, and its purchases always should be monitored by crypto traders
Business intelligence firm MicroStrategy has added $94 million worth of Bitcoin (BTC) to its holdings after purchasing the crypto asset at an average price of $49,229. As of December 30, MicroStrategy held about 124,391 bitcoins purchased at an average price of $30,159. Bitcoin is currently trading about $47,500, valuing the trove at $5.9 billion. The company has a market cap of $6.1 billion.
“As of 12/29/21 we #hodl ~124,391 bitcoins,” he wrote, using shorthand for “hold on for dear life,” a term popular with cryptocurrency and meme stock investors who plan to stick firmly with their investments. He noted the company acquired those bitcoins for about $3.75 billion. That would indicate MicroStrategy has made more than $2 billion from its investment as its overall stash was worth $5.91 billion as of Thursday when bitcoin traded around $47,527.25.
The purchase follows two large acquisitions in the previous month. MicroStrategy said on November 29 that it has acquired $400 million worth of bitcoin. Totalling 7,000 fresh BTC to its holdings, just as the market began to fall. In less than two weeks, the software corporation purchased another 1,434 bitcoins for $82 million.
The permabull acknowledged that a certain black swan event is the only legitimate risk for Bitcoin. Given that the largest cryptocurrency has not been hacked yet and all of its copies have “failed”: “The only legitimate risk is a black swan – an unknown unknown,” he said in an interview. He dismissed some potential challenges: “Has it been hacked? No, it hasn’t been hacked. Is it going to be banned? No, it’s not going to be banned. Can it be copied? We copied it ten thousand times. Every copy has failed.”
The public company has recently been using direct cash purchases. But it has also raised over a billion dollars through the sale of private company notes as a form of credit. During every juncture of the ongoing bull run, Saylor has maintained that the company would continue to buy more BTC. As well as add it to their treasury over time. Even when BTC’s price lost over 50% from ATH in May and Microstrategy was on the verge of incurring losses on their BTC holdings, Saylor made it clear that there was no question of selling.
