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MicroStrategy’s Continued Bitcoin Purchases Amid Market Turbulence
MicroStrategy, the corporate giant with the largest Bitcoin holdings, has once again demonstrated its commitment to the cryptocurrency by making additional purchases during a volatile market period. The software firm, known as a “Bitcoin development company,” recently disclosed its financial results for the first quarter of 2024, revealing that it had acquired more Bitcoin since the end of March.
According to the report, MicroStrategy procured 122 Bitcoin between April 1 and April 26, amounting to $7.8 million. While this figure may appear modest compared to the company’s historical Bitcoin acquisitions, it contributes to setting a new record for MicroStrategy’s overall Bitcoin holdings. As of the latest update, the firm now possesses 214,400 Bitcoin, valued at $13.5 billion based on the current market price.
Notably, MicroStrategy’s Bitcoin stash surpasses 1% of the total supply of Bitcoin that will ever be generated, with nearly 19.7 million of the 21 million total Bitcoins already in circulation. Despite recent market fluctuations that saw Bitcoin decline by over $10,000 from its previous all-time high, MicroStrategy maintains a profitable position due to its strategic investment approach.
The average cost basis of MicroStrategy’s Bitcoin holdings stands at $35,180 per coin, underscoring the company’s substantial gains in light of Bitcoin’s current price of $63,026. Michael Saylor, the esteemed founder and Chairman of MicroStrategy, stands out as a vocal advocate for Bitcoin within the corporate landscape. He not only led the company’s pivot towards Bitcoin but also actively engages with the cryptocurrency community through social media and public appearances.
Michael Saylor’s Bitcoin Advocacy
Michael Saylor’s unwavering support for Bitcoin has established him as a prominent figure in the realm of cryptocurrency investment. His bold endorsement of Bitcoin as a strategic asset class has garnered attention and admiration, notably reflected in MicroStrategy’s continued accumulation of the digital currency. Saylor’s proactive engagement with Bitcoin-related content on social media platforms further exemplifies his commitment to advocating for the widespread adoption and utility of Bitcoin.
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