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September 13, 2024

MicroStrategy Goes on Biggest Bitcoin (BTC) Buying Spree Since 2021: Report

By Mehron Rokhy

Software firm MicroStrategy is reportedly accumulating Bitcoin (BTC) at the highest rate it has since 2021.

According to a new report by Bloomberg, MicroStrategy purchased 18,300 Bitcoin for about $1.1 billion between August 6th and September 12th, the highest amount the firm has bought since February 2021 when it purchased 19,452 BTC.

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The report finds that the enterprise software firm now holds about 244,800 BTC worth $14 billion, or about 1% of the top crypto asset by market cap’s total supply. The data also unveils that MicroStrategy bought the BTC for an average cost of $38,585.

MicroStrategy – co-founded by former CEO and Bitcoin maxi Michael Saylor – has been purchasing Bitcoin as a hedge against inflation, according to the report.

Earlier this year, it was reported that South Korea’s National Pension Service – which managed over $764 billion in assets at the end of 2023 – purchased tens of millions of dollars worth of MicroStrategy (MSTR) shares since June 30th, bringing its total to 245,000 shares worth $32.5 million at the time.

According to Bloomberg, the firm’s stock price has more than doubled in 2024, outperforming even the crypto king itself, which has seen a 40% bump in price during the same time period.

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Bitcoin is trading for $59,425 at time of writing, a 1.5% increase during the last 24 hours while MSTR is valued at $139.60.

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Featured Image: Shutterstock/klyaksun/MicroOne