MicroStrategy (MSTR), the largest corporate holder of $BTC, added more to its holdings. Reports indicate they ended up buying 14,620 BTC for around $615.7 million.
The company's Executive Chairman, Michael Saylor, tweeted that MicroStrategy bought the bitcoin at an average price of $42,110 per BTC.The recent purchase pushes the company's holdings to 189,150 BTC worth around $5.9 billion, which was bought at an average price of $31,168.
MicroStrategy began purchasing bitcoin in August 2020. The company's most recent purchase before Wednesday's purchase took place last month. It was then they purchased 16,130 BTC, worth around $608 million at the time. Year-to-date, the shares of MicroStrategy are up nearly 315%, while BTC is up approx. 200%.
Saylor's BTC bet has left him with about $2B in profit. It also indicates that we might be getting ready to see a massive bull cycle. BTC has been climbing over the past few months amid optimism that U.S. regulators could potentially approve exchange-traded funds (ETFs). It's believed this could prompt a flood of investment into the cryptocurrency making Saylor' bet really pay off. I know I'm a believer in Saylor and respect his convection for the space. I think this additional purchase reaffirms my belief that we should be accumulating while prices remain low.