The CEO of MicroStrategy, Michael Saylor in a tweet today revealed that his firm has purchased additional Bitcoin with their cash reserves. According to Saylor, MicroStrategy purchased another 262 units of Bitcoin at $57,146 which is cumulatively $15 million.
MicroStrategy has purchased an additional ~262 bitcoins for ~$15.0 million in cash at an average price of ~$57,146 per #bitcoin. As of 3/12/2021, we #hodl ~91,326 bitcoins acquired for ~$2.211 billion at an average price of ~$24,214 per bitcoin. $MSTRhttps://t.co/QIQP30rv2q
— Michael Saylor (@michael_saylor) March 12, 2021
With this purchase, Microstrategy now holds 91,326 units of Bitcoin and it is worth over $2 billion. The firm’s most recent purchase happened less than a week ago when it announced that it bought $10 million worth of the asset.
While some analysts have labeled its purchasing method as irresponsible, the intelligence firm has maintained that it would continue to buy the BTC as it sees it as a veritable option of hedging against inflation.
Notably, the Saylor led firm has continued to pile up its holdings of the “digital gold” despite its value plummeting in recent times. Though the price of the asset has now begun to rise, other firms like Square, Tesla, BNY Mellon and a host of others have also had a go at the industry.