MicroStrategy increased its Bitcoin (BTC), reserves after acquiring 11,000 BTC at a cost of $1.1 billion. This was a day following President Donald Trump’s inauguration.
MicroStrategy has now acquired 461,000 BTC at a price per Bitcoin of an average $63,610. This includes fees and expenses.
Bitcoin’s total cost is about $29.3 billion. This shows the long-term commitment of the company to this crypto.
Michael Saylor’s company, according to the documents, bought Bitcoins at an average cost of $101,191 each.
MicroStrategy shares, despite the purchase, showed little movement. They traded at $396.50 – a slight drop from the session before. Google Finance data.
Bitcoin recently reached a high of $109,000, amid speculations about crypto-friendly policies during Trump’s presidency.
As of the press date, however, the price had corrected from $114,401 to $104,401, as the market responded to the absence of any immediate actions related to crypto.
Despite prior optimism, Trump did not sign any executive orders related to crypto on his first day in office, leaving the industry awaiting further clarity on his administration's stance.
According to per CoinGecko data.
MicroStrategy made several high-value Bitcoin purchases in the past, including a $344 million BTC purchase earlier this month.
Tesla and Block have also adopted similar approaches.
MicroStrategy currently holds more than 1 percent of all Bitcoin available and will continue to pursue doubling this share.
Saylor’s company made its largest ever acquisition shortly after Trump’s victory in the election. The firm purchased Bitcoin worth $5.4 billion as part of a single purchase.
Stacy Elliott is the editor.
