American business intelligence and software firm MicroStrategy Inc. has once again made a significant Bitcoin purchase. CEO Michael Saylor announced that the company bought 18,300 BTC for $1.11 billion.
MicroStrategy and Consistency
Software giant MicroStrategy is now better known for its Bitcoin investments than its main business. Saylor noted that the firm now holds 244,800 BTC, valued at approximately $9.45 billion. The company first started buying Bitcoin in August 2020 during the economic crisis caused by the COVID-19 pandemic. Since then, MicroStrategy has consistently grown its Bitcoin holdings despite criticism and market fluctuations. The company has even issued Convertible Senior Notes to purchase additional Bitcoin.
Influencing New Bitcoin HODLers
MicroStrategy’s actions have had a notable impact on the crypto market, with Saylor’s advocacy drawing in new Bitcoin buyers. One consistent buyer has been Japanese investment firm Metaplanet, which has been acquiring Bitcoin by selling securities. With prices nearing their all-time highs, these Bitcoin HODLers are confident of seeing significant returns soon.
MicroStrategy's consistent strategy of increasing its Bitcoin holdings continues to have a significant impact on the market.
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