Software firm MicroStrategy is reportedly accumulating Bitcoin (BTC) at the highest rate it has since 2021.
According to a new report by Bloomberg, MicroStrategy purchased 18,300 Bitcoin for about $1.1 billion between August 6th and September 12th, the highest amount the firm has bought since February 2021 when it purchased 19,452 BTC.
The report finds that the enterprise software firm now holds about 244,800 BTC worth $14 billion, or about 1% of the top crypto asset by market cap’s total supply. The data also unveils that MicroStrategy bought the BTC for an average cost of $38,585.
MicroStrategy – co-founded by former CEO and Bitcoin maxi Michael Saylor – has been purchasing Bitcoin as a hedge against inflation, according to the report.
Earlier this year, it was reported that South Korea’s National Pension Service – which managed over $764 billion in assets at the end of 2023 – purchased tens of millions of dollars worth of MicroStrategy (MSTR) shares since June 30th, bringing its total to 245,000 shares worth $32.5 million at the time.
According to Bloomberg, the firm’s stock price has more than doubled in 2024, outperforming even the crypto king itself, which has seen a 40% bump in price during the same time period.
Bitcoin is trading for $59,425 at time of writing, a 1.5% increase during the last 24 hours while MSTR is valued at $139.60.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Featured Image: Shutterstock/klyaksun/MicroOne
Read the full article here