MicroStrategy Doubles Down on Bitcoin, Adding Another 3,000 BTC to Its Holdings

Business intelligence firm MicroStrategy, led by vocal Bitcoin advocate Michael Saylor, has further solidified its commitment to cryptocurrency by acquiring an additional 3,000 BTC for $155 million. This move brings their total Bitcoin holdings to 193,000, acquired at an average price of $31,544 per BTC.

Breaking news: MicroStrategy acquires an extra 3,000 #Bitcoin, amounting to $155 million. pic.twitter.com/Oz53OlD16Y

— Coinwaft (@coinwaft) February 26, 2024

The news comes amidst a positive period for Bitcoin, fueled by the SEC’s recent approval of 11 Spot Bitcoin ETFs in January. The price of Bitcoin has already surpassed its two-year high of $54,000 in February, reflecting renewed investor confidence.

Read Also: MicroStrategy Boosts Bitcoin Holdings with 5,445 BTC Acquisition

MicroStrategy Saylor Reiterates Long-Term Faith in Bitcoin

Saylor, a long-standing champion of Bitcoin, took to X (formerly Twitter) to announce the acquisition, highlighting his ongoing belief in the asset’s superiority over other investment options. He emphasized his commitment to further investment, stating Bitcoin as “the exit strategy.”

MicroStrategy has acquired an additional 3,000 BTC for ~$155 million at an average price of $51,813 per #bitcoin. As of 2/25/24, @MicroStrategy now hodls 193,000 $BTC acquired for ~$6.09 billion at an average price of $31,544 per bitcoin. $MSTR https://t.co/micudbYf3P

— Michael Saylor⚡️ (@saylor) February 26, 2024

This latest purchase adds to MicroStrategy’s existing holdings, which surpassed the $10 billion mark before the acquisition. The company has consistently demonstrated its bullish stance on Bitcoin through ongoing purchases, suggesting its strategy is unlikely to change in the near future.

Analysts offer mixed reactions to MicroStrategy’s latest move. Some see it as a bold investment strategy with the potential for high returns, while others express concerns about the volatility of the cryptocurrency market and the potential financial risks involved.

Regardless of individual perspectives, MicroStrategy’s continued investment in Bitcoin undeniably underscores the growing mainstream acceptance of the cryptocurrency. This trend, coupled with recent regulatory developments, is likely to shape the future of Bitcoin and the broader digital asset landscape.

Read Also: Michael Saylor’s Bitcoin Billions Rebound Following Resignation as CEO of Microstrategy