Since August 2020, software developer MicroStrategy has been buying Bitcoins. The CEO of the IT giant, Michael Saylor, has declared that the company’s cryptocurrency reserves would increase over time.
For 11 consecutive quarters, MicroStrategy has steadily acquired BTC, becoming one of the largest holders of cryptocurrency and having its shares traded on the stock market.
They have bought 140,000 bitcoins at an average price of $29,803 per coin, however, the current price of BTC is below $28,000, resulting in a small loss.
The first batch of the cryptocurrency purchased by the IT giant was over 21,000 BTC.
Michael Saylor has stated that their investment in bitcoin is part of the company’s capital allocation strategy and that it is seen as a reliable tool for capital preservation with long-term growth potential.
