Leading software firm MicroStrategy has purchased another $177 million in digital currency and bitcoin. This brings the company’s total investment to a whopping $5.3 billion at the time of writing, making it the biggest institutional holder and supporter of BTC over the past year.
MicroStrategy Now Holds More than $5 Billion in BTC
MicroStrategy initially began investing in bitcoin about a year ago in August of 2020. Since then, it began a series of purchases that ultimately brought its status in the BTC arena to new heights. The company has long talked about the benefits of BTC and says that any company that refuses to acknowledge the growing status of bitcoin is likely to miss out on a lot of things, wealth being a big one.
The company has made a real name for itself as a primary bitcoin supporter given that it has even purchased bitcoin during harsh times. The currency fell not long after the company made its first purchase. Bitcoin dropped from around $12,000 to just over $10,000 right after MicroStrategy had bought about $250 million worth of the world’s leading digital currency.
But rather than throw in the towel and write the asset off as bad debt or something along those lines, MicroStrategy decided to keep its agenda going. The company purchased more BTC; this was followed by another purchase and another and another until the company managed to accumulate its present holdings. Thus far, MicroStrategy has been investing in BTC for about 12 months.
In addition, the company has inadvertently tied itself to the cryptocurrency. Given that it has bought so much in such a short period, the company’s stock has ultimately become attached to the digital currency, meaning that whenever bitcoin’s price goes up, so does the price of MicroStrategy stock as we all witnessed last April.
In addition, the firm has also said that it is looking to pay its board of director salaries in BTC, making it one of the first companies to dole out paychecks not in fiat but in crypto. The move is seen as risky by some, but for MicroStrategy and many of its head employees, it’s a revolutionary next step in the right direction.
More BTC Buys May Come
And when bitcoin experienced its worst dip yet not too long ago, what did MicroStrategy do? It planned another purchase of about $500 million. The company later issued a statement saying that bitcoin buys would be a “regular thing” and that it would never stop buying bitcoin, no matter what issues it was likely to face.
With so much talk surrounding the volatility and the hazards of the mining process, MicroStrategy has taken several chances through its ongoing crypto agenda, but at press time, those chances appear to have paid off for the most part.