After announcing its plan to raise $400 million to buy Bitcoin in early December, MicroStrategy has significantly increased its Bitcoin stash. As per the latest announcement from CEO Michael Saylor, the company just bought a whopping $650 million worth of Bitcoin. When added to its early purchase of $475 million, MicroStrategy now has around $1.125 billion in Bitcoin.
In total, the firm now holds 70,470 bitcoins acquired at an average price of $15,964.
Saylor, who recently became a pro-bitcoin advocate, is among those losing faith in fiat currencies as a store of value. This is coming after recent monetary easing policies. In a recent statement, Saylor stated that his firm “continues to operate in accordance with its Treasury Reserve Policy and currently holds approximately 70,470 bitcoins. The acquisition of additional bitcoins announced today reaffirms our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value.”
The $650 million purchase was fulfilled with the price of Bitcoin in the $22,000 range. Despite predictions of a possible correction, the purchase from MicroStrategy suggests that Bitcoin still has some room to grow.