Business intelligence giant MicroStrategy's record purchase of Bitcoin has further cemented its position as the largest corporate Bitcoin holder, acquiring an additional 21,550 BTC worth approximately $2.1 billion. This latest purchase brings the company's total Bitcoin holdings to 423,650 BTC, representing over 2% of Bitcoin's maximum supply of 21 million coins.
The purchase, executed between December 2-8 at an average price of $98,783 per Bitcoin, was funded through the sale of company shares totaling $2.13 billion, according to an SEC filing. This acquisition marks MicroStrategy's fifth consecutive Bitcoin purchase in as many weeks.
Michael Saylor, MicroStrategy's CEO, announced via X (formerly Twitter) that the company's total Bitcoin investment now stands at $25.6 billion, with an average purchase price of $60,324 per Bitcoin. Saylor remains bullish on Bitcoin despite its recent surge past $100,000, stating he would continue "buying the top forever" and expressing confidence in purchasing Bitcoin even at $1 million per coin.
The company's Bitcoin-focused strategy has proven profitable, with MicroStrategy's stock (MSTR) rising 520% year-to-date, from $69 to $388. This performance has outpaced both Bitcoin and the S&P 500, attracting attention from other corporations worldwide.
Saylor has been vocal about Bitcoin's potential, recently suggesting that the U.S. government should replace its gold reserves with Bitcoin, arguing this would "demonetize the entire gold asset class" while potentially increasing Bitcoin-backed assets to "$100 trillion."
However, not everyone shares Saylor's optimism. Gold advocate Peter Schiff has expressed skepticism, suggesting that MicroStrategy's Bitcoin strategy might eventually backfire.
Bitcoin currently trades at $100,192, marking a historic milestone in cryptocurrency markets.