MicroStrategy has spent 420 million to buy bitcoins in three months. How much cryptocurrency does the company have in total?
In the third quarter of 2021, MicroStrategy continued to follow its cryptocurrency adoption strategy, accumulating another 8,957 BTC on its balance sheet during that period. By today, the total value of MicroStrategy’s crypto-assets has crossed the $7 billion mark, more than doubling its initial investment. And that makes it the largest publicly traded company in terms of bitcoin accumulation. We tell you more about what’s going on.
We’ve clarified the latest data: MicroStrategy is indeed the largest holder of bitcoins among public companies. The company has a total of 114,042 bitcoins, in which it has invested $3.16 billion. At today’s exchange rate, that amount of coins is valued at $7.11 billion.
The situation with MicroStrategy shares also looks good. In particular, their exchange rate has risen by 68 percent since the first of January 2021. Here is the corresponding chart.
Who has the most bitcoins
Between July and October, MicroStrategy bought $420 million worth of BTC at an average price of $46,876 per coin. In doing so, the total number of bitcoins in the company’s possession reached the level of 114,042 coins, the company said.
According to CryptoPotato, MicroStrategy has almost doubled the amount of crypto assets under management compared to the same time last year. Which means the company is not slowing down on its investment portfolio growth.
MicroStrategy CEO Michael Saylor has once again assured the cryptocurrency investor community that the company will hold onto its status as the “world’s largest publicly traded corporate owner” of BTC. Furthermore, MicroStrategy’s management only plans to accumulate coins in the future. Here’s a quote from a company spokesperson.
We will continue to evaluate opportunities to raise additional capital to execute our strategy.
Which means we should probably expect to see an increase in bitcoin holdings at MicroStrategy's disposal in the near future.
There is one interesting detail here: MicroStrategy does indeed “raise” capital to buy bitcoins. In other words, the company is issuing debt to investors, which it plans to gradually repay in the future with income from Bitcoin price appreciation. That said, Saylor himself has repeatedly hinted that MicroStrategy has no “final” price of the cryptocurrency to sell, meaning the company will continue to hold the asset no matter what.
He has even stated that he is willing to hold on to his BTCs for at least a hundred years. And they are allegedly buying cryptocurrencies for the next generation, not for themselves.
It is important to note that CEO Michael Saylor’s stance on Bitcoin has not changed in all this time, it has only become stronger. He remains a flamboyant Bitcoin-maximalist – that is, someone who pays no attention to altcoins and considers BTC exclusively for investment. This became clear thanks to Michael’s recent interview with Bloomberg journalists, where he was asked to comment on what is happening with the Shiba Inu coin. Recall that the cryptocurrency has risen several weeks and 98 percent in the last seven days.
Michael responded that meme coins are a separate category of market. Moreover, he has no viewpoint on dogged tokens. He is exclusively interested in Bitcoin, with Saylor “staying with his position”. Here’s a transcript of the conversation in which Michael voiced that viewpoint.
I have no opinions about one dog coin vs. another dog coin. I stay in my lane, Emily. #Bitcoin pic.twitter.com/8ujFWxZtne
– Michael Saylor⚡️ (@saylor) October 30, 2021
In another piece of positive news, more and more American politicians are joining the pro-cryptocurrency camp. This time, Senator Bill Hagerty is one of them. During a recent session of the US Senate Banking Committee, Hagerty addressed the new head of the Consumer Financial Protection Bureau, Rohit Chopra, with a clear hint of support for the crypto industry.
Blockchain technology holds tremendous promise in terms of financial innovation and integration. I think it is an industry in which the United States is leading, and I would like to see us continue to lead. Especially compared to other countries like China, where individual cryptocurrency activity has been severely banned.
Hagerty asked for assurances that the US would not “put too much pressure” on the crypto industry so as not to destroy its potential for financial innovation. He cited China as an example, where a ban on BTC mining and virtually all crypto activity has put the industry at risk of total destruction.
We think MicroStrategy's multi-billion dollar bet on Bitcoin is very dangerous, but the giant is clearly safe. Still, the coin has already brought the company more than a hundred percent profit, which means that even in the event of a sudden end to the bull run, MicroStrategy will have a margin of income to lock in. Although Bitcoin is clearly not going to end its flight right now.
What do you think about this? Share your opinion in our millionaires cryptochat. There we will discuss other important news related to blockchain and decentralisation.