MicroStrategy has announced adding 12,333 Bitcoins (BTC) more to its existing holding. This has taken the count to a total of 152,333 BTC, valued at $4.5 billion. The first-ever purchase by MicroStrategy was made in 2020. It now owns the largest supply of digital tokens among other existing publicly traded companies.
Interestingly, the share of BTC owned by MicroStrategy is just 0.726% of the total supply. It stands at 21 million. A single token is being traded on the board at $30,206.40 at the time of drafting this article. The average price of BTC during the purchase period was $29,668. MicroStrategy added 12,333 more BTC to its portfolio between April 29, 2023, and June 27, 2023. These are valued at $347 million. Additionally, this has become the largest-ever BTC purchase so far.
Michael Saylor, the Co-Founder of MicroStrategy, said that the main reason for buying BTC was as a hedge against inflation. The venture, adding more BTC, goes on to showcase its confidence in the future of Bitcoin in the upcoming years.
The share of the Bitcoin that MicroStrategy holds at the moment is an increase of 162% over the initial purchase that was done 3 years ago.
Moving forward, MicroStrategy is working to develop an enterprise Lightning solution. The objective is to make it easier for companies to instantly move their finances. MicroStrategy is engaged in the business of mobile software, cloud-based services, and business intelligence. It offers services and products dedicatedly to analytical use cases.
It offers different benefits to different sectors of businesses. For instance, companies in the financial sector can leverage the potential of MicroStrategy to mitigate risk and strict regulatory compliance. Similarly, the retail sector can utilize MicroStrategy’s offerings to accelerate their sales figures and provide a customized experience to customers.
Reasons to choose the firm are many, starting with its intuitive interface. Other reasons include performance and semantic graphs.
MicroStrategy is followed by Marathon Digital Holdings on the list of Bitcoin holders. At the time of drafting this article, the number of BTC held by Marathon was 10,054. Coinbase is third on the list displayed by Coingecko, with exactly 9,000 digital tokens. The other two companies on the list of top five Bitcoin companies are Square Inc and Hut 8 Mining Corp, with 8,027 and 7,078 BTC, respectively.
Simply put, MicroStrategy is not just the biggest holder of BTC, but it is also, by far, on the top with a pretty wide margin. Based on the way in which the valuation is climbing the ladder, it could take ventures at least a few months to catch up.