Microstrategy Purchases Additional 1,045 Bitcoins Nearing Its Break Even Price

MicroStrategy, the world’s largest corporate holder of Bitcoins, has made yet another fish purchase of 1,045 Bitcoins on Wednesday, April 5. The purchased happened at an average price of $28,016 for an amount worth $29.3 million.

MicroStrategy’s executive chairman Michael Saylor made the announcement through his Twitter profile while sharing the SEC filing. With its recent purchase, MicroStrategy now holds a total of 140,000Bitcoin acquired for a total purchase price of $4.17 billion over the last three years.

MicroStrategy chief Michael Saylor has been aggressively buying Bitcoins even since September 2022 and has been a major advocate of the cryptocurrency over the last three years. Despite the strong crypto winter of 2022, Saylor kept his belief strong in Bitcoin and the business intelligence firm continued to add BTC at every dip.

As said, with 140,000 Bitcoin in their Treasury, MicroStrategy is the largest corporate holder of Bitcoins and also the largest publicly listed company to do so. The second in this category is Galaxy Digital with 40,000 Bitcoins in its kitty.

As the banking crisis unfolded last month, MicroStrategy has settled its loan with Silicon Valley Bank (SVB) at a 22% discount by paying $205 million. For the same loan, the tech company had put up 34,619 BTC as collateral for the loan, which is now back in the company’s hands.

As we know, Bitcoin showed massive strength and resilience during the banking crisis and continued to move upwards last month. Many believed that Bitcoin has started to decouple from the traditional financial system and is emerging as a true safe haven.

Also, amid the current geopolitical developments, there’s been a major talk that the US dollar could be losing its status of ‘reserve currency’ in the future. Also, there’s a lot of talk around de-dollarization.

Several Bitcoin proponents believe that BTC can stand up to the occasion to become the next reserve currency. In fact, Michael Saylor said that nation-states have started embracing Bitcoin. He also cited top US regulators calling Bitcoin a digital asset.

Saylor added that Bitcoin is not a threat to the US dollar. He believes that the USD will continue to be the world’s reserve currency in the future, but with Bitcoin as an underlying asset.

MicroStrategy is also working to further advance the Bitcoin ecosystem. It is building a Lightning Network Wallet to be deployed in enterprises. Next month in May, they would be hosting “Bitcoin & Lightning for Corporations” conference.