Michael Saylor of MicroStrategy has announced the acquisition of 18,300 Bitcoin for $1.11 billion. Its total holdings grew to 244,800 BTC purchased at a combined cost of $9.45 billion.
At current market prices, MicroStrategy’s Bitcoin holdings are valued at over $14.6 billion. The company’s stock price has surged to 6.7% alongside its growing Bitcoin reserves.
Despite the challenging market conditions in 2024, MicroStrategy remains committed to its long-term Bitcoin strategy. The company views Bitcoin as a superior treasury asset compared to cash, which is vulnerable to inflation.
Just this year, Microstrategy purchased a total of 55,659 BTC which is about 25% of its portfolio.
See Related: MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio
Microstrategy Bitcoin Game Plan
Last August 1, Microstrategy announced that it was planning to raise $2 billion where proceeds go to buying more Bitcoin. The company started adding Bitcoin to its portfolio in 2020 and only sold 704 BTC once just to benefit from the tax.
MicroStrategy’s approach has attracted followers, with companies like Semler Scientific and Metaplanet adopting similar strategies. As of August 26, Semler Scientific holds 1,012 BTC, while Metaplanet holds 398.8 BTC as of September 12.