More Bitcoin! Michael Saylor’s MicroStrategy just keeps buying BTC

Published at: March 1, 2021

MicroStrategy’s Bitcoin buying spree shows no signs of slowing after CEO Michael Saylor announced the purchase of another 328 Bitcoin (BTC) on Monday. The acquisition, which was paid for in cash, cost the firm around $15 million and equated to an average coin price of $45,710 at the time of purchase.

The investment takes MicroStrategy’s total Bitcoin holdings to 90,859 coins — a haul worth $4.3 billion based on the current price. The firm has essentially dollar-cost-averaged into Bitcoin over the course of the past five months, leaving the average price of each of its Bitcoin purchases at $24,063 per coin. Saylor tweeted on Monday:

MicroStrategy has purchased an additional ~328 bitcoins for ~$15.0 million in cash at an average price of ~$45,710 per #bitcoin. As of 3/1/2021, we #hodl ~90,859 bitcoins acquired for ~$2.186 billion at an average price of ~$24,063 per bitcoin. $MSTRhttps://t.co/fGH5KacsPI

— Michael Saylor (@michael_saylor) March 1, 2021

The firm first acquired Bitcoin in August 2020 when it made an initial $250 million outlay on 21,454 coins. MicroStrategy continued to buy more BTC at various points toward the end of 2020, eventually accumulating over 70,000 coins by the turn of the year.

In February, the business intelligence firm announced that it would raise an additional $900 million for further Bitcoin purchases — a sum that eventually exceeded $1 billion when an additional 19,452 coins were purchased last Wednesday.

MicroStrategy’s total outlay on Bitcoin stands at $2.18 billion, while current coin prices would value the firm’s holdings at $4.3 billion, meaning the firm would have made over $2 billion in five months were it to sell. However, there is little reason to suggest this will happen any time soon. Saylor previously said buying Bitcoin was one of the firm’s two corporate goals, along with growing its analytics software business.

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