Business intelligence firm MicroStrategy has now increased its Bitcoin (BTC) holdings by 27%, according to data released on February 24, 2021. The company acquired another 19,452 coins, which took its total BTC haul to 90,531.
The CEO Michael Saylor said that his firm did not intend to slow down the rate of its bitcoin purchases after acquiring the latest coins worth about $1 billion. The news was announced on the company’s website on Wednesday. Reportedly, the coins were acquired for about $52,765 per coin.
Saylor said that the company’s focus was now two-fold which includes buying more bitcoin and growing its analytics software enterprise. He added:
“The Company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin.”
In the past six months since MicroStrategy published its first $250 million investment in bitcoin, the firm has gone on to spend over $4 billion on the digital asset. Saylor stated that there was no plan to stop acquiring bitcoin any time soon.
“The company now holds over 90,000 bitcoins, reaffirming our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value. We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin.”
The total value of MicroStrategy’s purchase surpassed the figures previously floated by the company, which said that it would raise $900 million to acquire more BTC on February 17. The president and chief financial officer at MicroStrategy, Phong Le, stated that bitcoin purchases would help grow awareness of its brand as a reputable software business; while simultaneously acting as a sign of faith in the bitcoin network. He concluded:
“We believe our bitcoin strategy, including our bitcoin holdings and related activities in support of the bitcoin network, is complementary to our software business, by enhancing awareness of our brand and providing opportunities to secure new customers.”
MicroStrategy and several other institutional investors are believed to be pushing the price of bitcoin higher. Analysts say that that they are responsible for pushing prices above $50K.