In regulatory filings with the U.S. Securities and Exchange Commission late last week, enterprise analytics company – Microstrategy – announced that it has purchased 1,434 more Bitcoin for $57,477 with a total price tag of $82.4 million.
In a follow-up tweet to his 1.9 million followers, Microstrategy CEO Michael Saylor, stated that the company’s total holdings of Bitcoin now exceed 122,478 coins. That is more than three times the number of Bitcoin held by the next closest corporate investor – Tesla – which reportedly has 38,300 Bitcoin on its balance sheet.
Saylor has been an ardent and vocal Bitcoin supporter since last summer when his company first invested in Bitcoin. In two separate tweets following Friday’s government announcement of a 6.8% increase in the consumer price index for this November compared to last November – marking the largest inflationary increase in 40 years – Saylor wrote,
“Inflation is the problem and Bitcoin is the solution…In an inflationary environment, the best investment strategy is overweight digital property, while the best business strategy incorporates digital energy.”On The Flipside
- One thing is for certain, Saylor puts his money where his mouth is.
- Microstrategy paid $3.16 billion for its Bitcoin holdings at an average price point per coin of $29,861 with a current total valuation of more than $5.27 billion.
Why You Should Care?
Despite its recent double-digit drop from an all-time high, Bitcoin continues to be the best performing asset of the past decade providing annualized returns of more than 200%.
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