2023-05-08
MicroStrategy has been buying Bitcoin every quarter since August 2020. The business news
company, founded by Michael Saylor, owns 140,000 BTC at an average price of
$29,803, which currently represents a small loss.
Despite
Bitcoin's volatility and the bear market in 2022, which caused the
cryptocurrency industry to stall, MicroStrategy appears to be committed to
keeping BTC strong. In August 2020, the company purchased over 21,000 BTC and
employed a strategy that focuses on leading digital assets.
"Our
investment in Bitcoin is part of our new capital allocation strategy, which
seeks to increase long-term value for our shareholders. This investment
reflects our belief that Bitcoin is the most widely accepted digital currency
in the world and a store of value that is reliable and an investment asset that
is attractive and has potential for long-term value appreciation over holding
cash," said Michael Saylor, CEO of MicroStrategy.
The company
continues to hold firm to Saylor's words and has continued to make consistent
purchases in each quarter since then, with the most significant purchase
occurring in the early stages of the strategy, accumulating over 38,000 BTC in
Q3 2020, and adding over 70,000 BTC by the end of the year.
Despite the bear market in 2022, MicroStrategy continued to purchase over 8,200 BTC throughout the year and increased holdings even though the market was in a downturn.
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