MicroStrategy Says BTC Purchases for the Company Will Become a Regular Thing

MicroStrategy – the software firm that ultimately became one of the first (if not the first) institution to publicly support and purchase bitcoin – is taking its love for BTC to even greater heights. In its recent earnings report, the company has stated that it is looking to purchase even more bitcoin in the coming months, and that bitcoin buys will potentially become the norm.

MicroStrategy Still Loves Its BTC

The report reads:

We continue to be pleased with our bitcoin strategy. We successfully raised more than $1 billion of additional capital in the quarter to expand our bitcoin holdings, which now exceeds 91,000 bitcoins. We also hosted a very successful ‘Bitcoin for Corporations’ track at MicroStrategy World where we utilized our thought leadership in the cryptocurrency market to show how organizations can incorporate digital assets into their balance sheet management. We will continue to acquire and hold additional bitcoin as we seek to create additional value for shareholders.

MicroStrategy first made waves last August when it decided to buy approximately $250 million worth of bitcoin. At that time, the currency was trading for about $12,000 per unit, which while high, does not even compare to where it stands today (approximately $56,000). From there, bitcoin dropped into the $10,000 range and suffered a rather bearish September, though MicroStrategy did not feel fear from the situation. Instead, it looked at the circumstances with a clear eye and decided to buy even more BTC.

The following month, bitcoin rose to $13,000 per unit, which meant that MicroStrategy had earned profit in the millions. It has ultimately continued to purchase hordes of bitcoin from there, and to this day, the company has accumulated more than $5 million in BTC. It also began the year 2021 on a high note by buying roughly 253 more BTC units, worth approximately $15 million at that time.

However, while the company is looking to continue its BTC investing strategy, it is also looking to potentially sell BTC units in its stash as needed. The company’s report explained:

In future periods, MicroStrategy may purchase additional bitcoins and increase its overall holdings of bitcoin or sell its bitcoins and decrease its overall holdings of bitcoin.

More Companies Have Stepped In

While buying as much BTC as it has continued to do wonders for the crypto space, where MicroStrategy has been even more impactful is in that it has opened the door to BTC investing for even more institutions such as Square, the payment firm owned and run by Twitter’s Jack Dorsey. The company has garnered close to $200 million worth of the world’s number one digital currency by market cap.

Other firms, such as Massachusetts Mutual and Tesla, have purchased anywhere between $100 million and $1.5 billion worth of the asset, making 2020 and 2021 the years of the institutions.

Tags: bitcoin, MicroStrategy, Tesla

Source: https://www.livebitcoinnews.com/microstrategy-says-btc-purchases-for-the-company-will-become-a-regular-thing/