American business intelligence and software firm MicroStrategy Inc. has topped up its Bitcoin (BTC) portfolio with a new $7.8 million worth of purchase.
MicroStrategy Is Unrelenting In Its Bitcoin Bet
Since August 2020 when it made its first Bitcoin purchase, MicroStrategy has not slowed down in its BTC purchases. In the latest bet, Michael Saylor, the company’s Founder and Chairman said a total of 122 BTC was acquired in April.
This recent accumulation brings the company’s total Bitcoin holdings to 214,400 BTC. Michael Saylor is considered one of the most proactive evangelists for Bitcoin with intriguing accumulation records.
In April, @MicroStrategy acquired an additional 122 BTC for $7.8 million and now holds 214,400 BTC. Please join us at 5pm ET as we discuss our Q1 2024 financial results and answer questions about the outlook for #BusinessIntelligence and #Bitcoin. $MSTR https://t.co/h40yyrgEb0
— Michael Saylor⚡️ (@saylor) April 29, 2024
In times when Bitcoin and the broader market are experiencing a visibly bearish downturn, MicroStrategy is known to accumulate. For its Bitcoin as a Treasury Reserve Asset (TRA) strategy, both Michael Saylor and the firm have received severe backlash.
Critics like Peter Schiff believe the company’s bet will turn out to be a painful business decision. This projection is centered on the premise that the coin’s price is poised to slump to $0. Amid these criticisms, MicroStrategy has doubled down on its bet. The company is known for issuing Convertible Senior Notes, a multi-year debt offering it has deployed to buy more Bitcoin.
Bullish Bets For Bitcoin
At the moment, MicroStrategy is considered one of the biggest corporate HODLers of Bitcoin. The accumulation, though a fraction of Bitcoin’s circulating supply is contributing to the supply crunch of the coin, a catalyst for future price boost.
Spot Bitcoin ETF generally remains the major avenue through which the Bitcoin supply crunch is being siphoned. With the Australian market reportedly set to embrace spot Bitcoin ETFs later this year, the future supply and demand imbalance is likely to shift sentiment in the near term.
Amid the bullish news in the market, the price of Bitcoin remains depressed. Current market data shows BTC is priced at $62,944.40, down by 1.04% in 24 hours.
