MicroStrategy, a US-based business intelligence and mobile software company, has disclosed its most recent acquisition of 1,045 Bitcoin (BTC), amounting to roughly $29.3 million at an average price of $28,016 per BTC.

The news was revealed by MicroStrategy executive chairman Michael Saylor on Twitter.

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With this latest acquisition, MicroStrategy’s cumulative Bitcoin holdings have reached 140,000 as of April 5th, 2023. The firm has spent approximately $4.17 billion to accumulate these holdings at an average price of $29,803 per BTC.

This achievement highlights the company’s ongoing dedication to investing in Bitcoin as a reserve asset.

Michael Saylor has been an active Bitcoin advocate and has persistently urged corporations to adopt cryptocurrencies, especially BTC, as a strategic asset. In various interviews, Saylor emphasized the unparalleled security and reliability of Bitcoin as a store of value in the current market and its ability to protect businesses from inflation.

In an interview with CNBC on April 22nd, 2022, when asked about when the company plans to stop purchasing BTC, Michael Saylor noted:

Why would we ever stop? As we generate cash flows, we think that the responsible thing to do for our shareholders is we convert currency which is devaluing, into an asset which is appreciating.

The new purchase of over 1,000 BTC comes shortly after MicroStrategy repaid its Silvergate loan at a 22% discount and purchased an additional 6,500 BTC, worth $150 million.

Since its first Bitcoin purchase in August 2020, MicroStrategy has consistently increased its holdings. The latest acquisition brings the company’s total Bitcoin ownership to a staggering $12.6 billion, reflecting its unwavering belief in the long-term prospects of the cryptocurrency.

by Gile K. – Crypto Analyst, BitDegree