MicroStrategy Continues Bitcoin Accumulation

American business intelligence and software firm MicroStrategy Inc. has purchased another Bitcoin (BTC). In an announcement shared on X, Michael Saylor revealed that the firm bought 18,300 BTC for approximately $1.11 billion at about $60,408 per Bitcoin.

MicroStrategy and Consistency

The software giant is now more recognized as a Bitcoin bull than its primary business venture. As Michael Saylor noted, the firm has increased its total Bitcoin bag to 244,800 BTC, which it acquired for approximately $9.45 billion at roughly $38,585 per Bitcoin.

The firm is now one of the biggest corporate holders of Bitcoin, a feat achieved over four years. The company started buying Bitcoin in August 2020 as the COVID-19 pandemic triggered an economic crisis that reduced the U.S. dollar’s value. Convinced of its investments, the firm has grown its holdings despite criticism and fluctuating portfolio valuations.

Since then, the firm has seized every opportunity to buy the coin. On several occasions, MicroStrategy even issued Convertible Senior Notes, a debt offering to purchase more Bitcoin.

Overall, the company’s bets have paid off. In the latest update, Michael Saylor reported the company has achieved a BTC yield of 4.4% QTD and 17.0% YTD. Its share price is currently one of the best performing on Wall Street.

Influencing New Bitcoin HODLers

As MicroStrategy has made its mark in the crypto world, Saylor’s consistent advocacy for BTC has attracted new buyers. One notable example is Metaplanet, a Japanese investment firm.

Metaplanet has a relatively smaller Bitcoin portfolio but has remained consistent in its acquisitions, similar to MicroStrategy. The Japanese firm has also been selling securities to acquire more digital currency.

With Bitcoin currently around 20% below its all-time high (ATH), these HODLers are confident in the potential for massive returns soon.

This article was originally published on U.Today