MicroStrategy Has Bought the Equivalent of 28% of All Bitcoin Since its First Purchase

Since its first big-money bitcoin purchase in August 2020, MicroStrategy has gone on a Bitcoin shopping spree. The intelligence software firm has now become the biggest buyer of Bitcoin. 

Following their recently announced purchase of  7,002 BTCs, at a total price of $414.4 million, between November 1st and November 29th, MicroStrategy now holds the largest portion of Bitcoins, totaling 121,044 BTCs, worth approximately $7 billion.

Bitcoin Magazine revealed that MicroStrategy’s recent purchase means that the firm, led by long-time Bitcoin evangelist, Michael Saylor, has now purchased the equivalent of 28% of all #Bitcoin created since its first $BTC purchase in 2020. The magazine tweeted;

Here is a breakdown of MicroStrategy’s most significant Bitcoin purchases;

• August 11th, 2020: first bitcoin purchase, worth $250 million at the time.
• September 14th, 2020: 16,796 BTC purchased at an aggregate purchase price of $175 million after adopting a new treasury reserve policy.
• December 21st, 2020: $650 million worth of Bitcoin bought at the end of its  senior convertible notes offering.
• February 24th, 2021: an additional $1 billion worth of Bitcoin acquired after an equivalent debt rise and Tesla’s $1.5 billion purchase.
• November 30th: a $414.4 million purchase announced between November 1st and November 29th.

MicroStrategy now holds 121,044 bitcoins, worth approximately $7 billion. Interestingly, while Bitcoin has been trading above $56k, MicroStrategy has spent roughly $3.6 billion to acquire their entire bitcoin holdings, at an average purchase price of approximately $29,534 per BTC.

On the Flipside

• Investors have raised concerns about MicroStrategy’s accumulation of Bitcoin, claiming that it could lead to major debt if Bitcoin’s value plunges severely.

Why You Should Care

Institutional investors placing big bets on Bitcoin affirms their belief in Bitcoin’s continual existence and future performance.