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MicroStrategy Piles Up Additional 12,333 Bitcoin Worth $347M

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MicroStrategy Piles Up Additional 12,333 Bitcoin Worth $347M

MicroStrategy Piles Up Additional 12,333 Bitcoin Worth $347M

  • MicroStrategy CEO Michael Saylor made the latest disclosure on Tuesday.
  • In total MicroStrategy holds around $4.52 billion worth of Bitcoins.

On Tuesday, June 27, MicroStrategy, the biggest corporate holder of Bitcoins, announced the acquisition of Bitcoins (BTC) for an astounding $347 million. MicroStrategy CEO Michael Saylor made the latest disclosure on Tuesday, stating that the company has acquired 12,333 Bitcoin.

On Twitter, Saylor sent the following message:

“MicroStrategy has acquired an additional 12,333 BTC for ~$347.0 million at an average price of $28,136 per #bitcoin. As of 6/27/23 @MicroStrategy hodls 152,333 $BTC acquired for ~$4.52 billion at an average price of $29,668 per bitcoin.”

Banking on Bitcoin

MicroStrategy has been making consistent Bitcoin purchases since they first began doing so in August 2020. Despite the crypto winter of 2022, the firm is adamant about piling up more BTC. In light of the present inflationary circumstances in the global economy, Michael Saylor has been one of the most vocal proponents of Bitcoin.

Saylor is also optimistic that the Lightning Network, Bitcoin’s Layer-2 scalability technology, will one day be able to handle more transactions per second than VISA. The Bitcoin price has been on the rise, increasing by more than 20% in little over a month, ever since BlackRock and other financial behemoths applied for the initial Bitcoin ETFs this month.

With approximately $187 million flowing into Bitcoin investment products last week, on-chain data reveals that institutional interest in cryptocurrencies, and Bitcoin in particular, has soared. MicroStrategy’s recent update boosts the sector’s institutional inflows even more.

In total MicroStrategy holds around $4.52 billion worth of Bitcoins, making it without any doubt the largest corporate holder of BTC.

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