Microstrategy Acquires Another $10 Million in Bitcoin, Company Balance Sheet Nears 100K BTC

Microstrategy Acquires Another $10 Million in Bitcoin, Company Balance Sheet Nears 100K BTC

On Friday, the incorporated and publicly listed business intelligence (BI) firm, Microstrategy announced the company has acquired an additional $10 million in bitcoin. The company’s CEO Michael Saylor revealed the latest purchase on Twitter with a link to a Form 8-K Securities and Exchange Commission (SEC) filing registered on March 5, 2021.

Microstrategy’s Bitcoin Buying Spree Continues

Microstrategy continues its bitcoin (BTC) buying spree announcing it bought an additional $10 million worth on Monday. The BI company’s CEO revealed the new acquisition on Friday, March 5, when he tweeted about the latest purchase on Twitter. “Microstrategy has purchased an additional ~205 bitcoins for ~$10.0 million in cash,” Saylor wrote. “At an average price of ~$48,888 per bitcoin,” he explained to his 598,000 Twitter followers.

Saylor added:

As of 3/5/2021, we hodl ~91,064 bitcoins acquired for ~$2.196 billion at an average price of ~$24,119 per bitcoin.

In addition to the tweet, Saylor also left a Microstrategy link that leads to a press release or scanned picture of the Form 8-K SEC filing. Of course, the Bitcoin community looked at the purchase as a positive and many people replied to Saylor’s latest announcement. “Should someone tell him the meme is ‘Stacking sats’ and not ‘Stacking 200 bitcoins?’ the popular Twitter account dubbed ‘Documenting Bitcoin’ wrote.

‘Microstrategy Discovered Bitcoin’s Potential Ahead of the Sleeping Herd’

Other people wrote that Saylor and Microstrategy have already seen the potential Bitcoin has to offer, and they want “to monopolize the bitcoin market.” “He has discovered the potential ahead of the sleeping herd will reap the rewards more,” Yasir Shaikh tweeted in response to Saylor’s $10M in bitcoin purchase statements. “I Believe soon Microstrategy will have as big a market cap as FAANG,” Shaikh added.

Microstrategy currently commands 0.4336% of the entire 21 million bitcoin supply cap and the firm is nearing the 100k BTC milestone. It is the fourth largest entity listed on the web portal bitcointreasuries.org behind Grayscale, Mt Gox, and Block.one respectively. After the latest Microstrategy purchase some even jokingly said that Saylor and Microstrategy were addicted to purchasing BTC.

First, you start with sats, then you start stacking a full bitcoin and can’t stop,” an individual wrote in response to Saylor’s BTC purchase announcement on Friday morning.

What do you think about Microstrategy’s recent $10 million purchase of bitcoin and the company’s current stash of 91,064 bitcoins? Let us know what you think about this subject in the comments section below.

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