MicroStrategy, the business intelligence firm led by prominent Bitcoin advocate Michael Saylor, has executed another significant Bitcoin purchase, acquiring 6,220 BTC at an average price of approximately $118,940 per coin. This acquisition, valued at around $740 million, significantly bolsters the company’s position as a major institutional holder of the cryptocurrency.
The purchase increases MicroStrategy’s total Bitcoin holdings to 607,770 BTC. This extensive accumulation solidifies the company’s status as the second-largest corporate or institutional holder of Bitcoin, surpassed only by the holdings of BlackRock’s IBIT spot Bitcoin exchange-traded fund.
Additionally, Michael Saylor has formally introduced the ‘Bitcoin Defense Department’ strategy. This framework outlines MicroStrategy’s methodology for funding its Bitcoin acquisitions, leveraging various share classes and entities including STRF, STRK, STRD, MSTR, and STRC. The multi-million dollar purchase underscores MicroStrategy’s unwavering confidence in Bitcoin as a long-term store of value and directly impacts the digital asset’s circulating supply dynamics.
Saylor continues to actively influence the cryptocurrency landscape through his vocal advocacy, regularly engaging with the broader crypto community and extolling Bitcoin’s value proposition via social media platforms.