MicroStrategy continued to buy bitcoins at record prices
MicroStrategy, a cloud-based business solutions company, released its financial results for the first quarter of this year. MicroStrategy is known for applying a “bitcoin strategy” in addition to its core business: buying bitcoins on the market, at virtually any market price, with further accumulation of such digital assets on the organization’s balance sheet.
MicroStrategy uses both its own cash and debt to buy the number one cryptocurrency, noting that the company has “raised more than $ 1 billion to acquire bitcoins.
MicroStrategy currently owns 91,579,000 BTC and, the organization said in a statement:
“We intend to continue to buy and accumulate new bitcoins as we seek to create additional value for our shareholders.”
As you know, the shares of the organization are traded on the Nasdaq Stock Exchange under the ticker MSTR.
It is also worth noting that MicroStrategy, despite the above statement, does not rule out that it may “sell its bitcoins and reduce its holdings in these digital assets in the future.” In the meantime, the likelihood of this action happening can so far be considered negligible, as MicroStrategy CEO Michael Saylor is focused on buying bitcoins and accumulating them on the organization’s balance sheet over the long term.
From a financial perspective, MicroStrategy purchased 20,857 thousand BTC in Q1 at an average price of $52,087 thousand. It spent $1.086 billion over three months. Meanwhile, taking into account bitcoin purchases in previous periods, the No. 1 cryptocurrency’s average purchase price was $24,214k as of March 31. At the beginning of the second quarter, the organization continued to buy and to date has spent another $15 million for this purpose, having paid an average of $ 59,339,000 per BTC for bitcoins. The head of MicroStrategy himself is a major investor in bitcoins.
