CoinInformerCoinInformer
CoinInformer
Get in Touch
Promote With UsEmail Us
Trading Investing

Michael Saylor's Strategy buys another 1,142 BTC for $90 million as total bitcoin treasury value remains below cost - The Block

•2 min read
Michael Saylor's Strategy buys another 1,142 BTC for $90 million as total bitcoin treasury value remains below cost - The Block

MicroStrategy, led by CEO Michael Saylor, has made headlines once again with its recent acquisition of 1,142 Bitcoin (BTC) for a total expenditure of approximately $90 million. This purchase continues the company's aggressive strategy of accumulating Bitcoin, despite the current market conditions that see the overall value of their Bitcoin holdings still below their purchase cost.

As of now, MicroStrategy's total Bitcoin treasury has reached approximately 158,245 BTC, which was acquired at an average price of around $29,668 per coin. This latest purchase underscores Saylor's unwavering belief in Bitcoin as a long-term asset, even as the market struggles with volatility and regulatory scrutiny. Despite the significant investment, the current market price has resulted in a paper loss for the company, which is a point of concern among investors.

The latest acquisition comes at a time when the broader cryptocurrency market is experiencing fluctuations, with Bitcoin trading at a price that is lower than MicroStrategy's average purchase price. Saylor has frequently communicated his strategy of holding onto Bitcoin, emphasizing its potential as a hedge against inflation and a store of value. His commitment to Bitcoin is viewed by many in the industry as a bold move, reflecting confidence in the cryptocurrency's future growth.

This strategic buy is part of a larger trend among institutional investors who are increasingly viewing Bitcoin as a viable long-term investment. Saylor's approach has generated both support and skepticism; while some praise his foresight and commitment, others question the financial implications of holding a significant amount of Bitcoin in a volatile market.

As MicroStrategy continues to expand its Bitcoin holdings, the company's overall financial performance will be closely monitored by analysts. Investors are eager to see how this strategy plays out in the long run, particularly if Bitcoin's price rebounds in the coming months.

Key Takeaways

This article was inspired by reporting from Google News Crypto. · Report an issue

You might also like