Co-founder Michael Saylor Has Previously Said That the Reason for Buying Bitcoin Was as a Hedge Against Inflation
MicroStrategy has purchased an additional 12,333 BTC for $347 million between April 29 and June 27, marking its largest Bitcoin purchase so far.
The company now holds a total of 152,333 digital coins worth $4.5 billion. This is approximately 0.726% of the total available supply of 21 million BTC. MicroStrategy, which offers cloud-based services, mobile software and business intelligence, possesses the most Bitcoin than any other publicly traded corporation.
Its co-founder Michael Saylor has previously said that the reason for buying Bitcoin was as a hedge against inflation. The average purchase price of the Bitcoin it holds stands at approximately $29,668 per coin.
Despite Bitcoin's plunge from its all-time high of $68,789 in November 2021, MicroStrategy's stock is up more than 162% since its initial Bitcoin purchase in 2020.
MicroStrategy's most recent purchase of Bitcoin confirms the company's confidence in the long-term viability of the digital asset. The company is currently working on an "enterprise Lightning solution" to help companies move money quickly.