Unfazed, Michael Saylor continues his frenzied quest to accumulate bitcoins for MicroStrategy. The company just added another 3,000 BTC, bringing its reserves to 193,000 coins.
A major new acquisition that cements MicroStrategy’s position
MicroStrategy does not deviate from its trajectory. The data analytics services company recently invested $155 million to acquire an additional 3,000 bitcoins. A purchase made between February 15 and 25 at an average price of $51,813 per BTC.
With this major acquisition, MicroStrategy now holds a staggering 193,000 bitcoins, patiently accumulated worth approximately $6.09 billion over time. The average purchase cost of all of its BTC reserves is $31,544 per coin.
Michael Saylor, the visionary CEO behind this Bitcoin strategy, could not contain his joy when announcing the new on X (formerly Twitter). For this fervent defender of cryptocurrencies, the constant surge in BTC reserves is by no means a flash in the pan, but is part of a very long-term vision. Thus, Bitcoin is perceived as the safe haven par excellence, superior to all other forms of traditional assets.
Optimal risk management to secure crypto assets
Beyond the frenzied accumulation of bitcoins, MicroStrategy attaches crucial importance to securing its immense digital treasure. The company keeps no less than 98% of its reserves in custody with the giant Fidelity, renowned for its draconian measures to protect digital assets. And to further diversify its safeguards, MicroStrategy also used the services of the Coinbase Prime platform.
This dual bitcoin custody strategy aims at both maximum security and optimal management of the company’s crypto assets. An approach that is all the more essential given that MicroStrategy’s BTC reserves are today equivalent to nearly 2% of the total circulating supply of Bitcoin.
Whether or not we adhere to the vision advocated by Michael Saylor, it is clear that MicroStrategy is now a key player and a juggernaut in the Bitcoin ecosystem. With nearly 200,000 BTC in reserve, the company has definitively linked its destiny to that of the queen of cryptos.
A strategy that paid off to say the least since MSTR shares have jumped more than 300% since the start of 2023, driven by the historic surge in bitcoin prices. Saylor’s seemingly crazy bet is well and truly on the verge of turning into an XXL jackpot.
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