MicroStrategy Incorporated, a Nasdaq-listed software and cloud service provider, have doubled down yet again on its Bitcoin acquisition Pursuits, committing a new $242.9 million to purchase a new batch of the digital asset.
MicroStrategy’s Bitcoin Portfolio
Announced by Michael Saylor, the iconic Chief Executive Officer of MicroStrategy, the latest acquisition added approximately 5,050 BTC into the company’s reserve. Saylor said the firm now holds as many as 114,042 Bitcoin Units, all valued at $3.16 billion at an average price of about $27,713 per bitcoin, according to the current price.
Since MicroStrategy made its foray into the digital currency ecosystem last August, the firm has often reiterated its unrelenting plans to store Bitcoin as its Treasury Reserve Asset continually. The firm strongly believes that the US Dollar and other fiat monetary systems are flawed and are unsustainable amidst a slew of dwindling global economic policies.
The firm has not sold any of its Bitcoin holdings since it resumed its accumulation journey. Despite two sharp market corrections experienced thus far this year, Michael Saylor has led the firm to take advantage of price slumps to bolster the firm’s Bitcoin portfolio at a notable discount.
The Bitcoin adoption by MicroStrategy has positively impacted the company’s revenue outlook and share price as it reported positive revenue growth for the second quarter. The company’s revenue came in at $125.4 million, increasing 13.4% over the same period last year.
Example to Other Institutional Investors
Beyond its obvious role in promoting the superiority of Bitcoin as an investable asset, Michael Saylor has also come off as a mouthpiece, advocating for other institutional investors on Wall Street to consider allocating a portion of their reserve asset to Bitcoin. Amongst the many beliefs MicroStrategy maintains is that acquiring Bitcoin as a strategy to hedge against the impacts of monetary inflation will be an invaluable move for firms to preserve wealth.
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