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MicroStrategy Adds $458.2 Million Worth of Bitcoin to Its Holdings

Sep 20, 2024
  1. MicroStrategy Continues Investing in Bitcoin
  2. Market Reaction and Current Prices
  3. Community Opinion on Michael Saylor

MicroStrategy has added $458.2 million worth of Bitcoin to its coffers, according to co-founder Michael Saylor's announcement on Friday.

MicroStrategy Continues Investing in Bitcoin

Currently, MicroStrategy holds 252,220 Bitcoins, totaling approximately $15.85 billion at current prices. Notably, the company already owns 1.25% of all Bitcoin in circulation. The average purchase price stands at $39,266 per coin.

Market Reaction and Current Prices

The company is sitting on an impressive profit of $5.95 billion at current market prices. On Friday, the price of Bitcoin briefly surged above the $64,000 mark; however, the massive purchase had little impact on the market as MicroStrategy's moves are mostly priced in.

Community Opinion on Michael Saylor

Despite the heavy investments, Michael Saylor is not universally beloved in the Bitcoin community. Earlier this week, he received backlash from some members after suggesting that traditional financial firms like JPMorgan could successfully offer Bitcoin yield.

The banking giant could secure a 'risk-free' 5% yield for customers. Otherwise, Bitcoin would be a 'non-performing asset' akin to government bonds.Michael Saylor

Thus, MicroStrategy continues to actively invest in Bitcoin despite differing opinions within the community.

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