Business intelligence and mobile software firm, MicroStrategy Incorporated has acquired 4,167 units of Bitcoin (BTC) to increase its pot of digital asset holding to 129,218. The total figure of this recent investment amounts to $190.5 million. According to the announcement on Twitter made by the company’s CEO, Michael Saylor, the total reserve of the firm in cryptocurrency was acquired for approximately $4 billion.
With the recent surge in the price of Bitcoin, putting the virtual currency at an average price of $45,000 in the past few weeks, the new units of BTC added to MicroStrategy’s crypto reserve were bought at an average price of $45,714.
Shortly before this recent development, earlier in March, the business intelligence firm took a loan from Silvergate Bank, a leading financial services company that facilitates the trade of crypto by issuing credit services in dollars. The value of the loan secured is $205 million.
The loan was obtained to acquire more bitcoin as well as the financing all expenses incurred in the course of purchasing the virtual currency.
Michael Saylor and the Future of Bitcoin
MicroStrategy CEO, Michael Saylor has been known for being a dogged fan of bitcoin. He believes that virtual currencies are the future of fiat currency, in a post on his Twitter handle, he said,
“The surge in food & fuel prices is going to further weaken global currencies and encourage the imposition of capital controls, price controls, & export controls, favoring a strategy based on digital products, digital services, & digital assets.”
The American investor has imbibed the adoption of the digital asset class into the business strategy of his companies.
Added to earlier investments in BTC in 2021, and in February this year, MicroStrategy had bought 660 units of bitcoin amounting to $25 million at an average price of $37,365. This funding increased the crypto reserve of the company from 125,391 to 125,051 at the time.
Drawing on the latest bullish moves made by Saylor, he has more than proven that he is not backing down on crypto investment any time soon.