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MicroStrategy buys another $1 billion worth of Bitcoin

CEO Michael Saylor said the company has no plans to cut the rate of its Bitcoin acquisitions after purchasing $ 1 billion worth of BTC.

Business intelligence firm MicroStrategy increased its bitcoin (BTC) acquisition by 27% on Wednesday after buying 19,452 more coins, bringing its total to 90,531 BTC.

Announced on the company’s website on Wednesday, the coins were reportedly bought for about $ 52,765, the equivalent of just over $1 billion. Michael Saylor, CEO of MicroStrategy, said the company now has a twofold focus: to grow its analytics software business and buy more bitcoin.

Saylor said, “The Company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin.”

According to cointelegraph.com, in the six months since MicroStrategy announced its first $ 250 million investment in Bitcoin, the company has spent more than $4 billion on digital assets. The Saylor said there were no plans to stop buying BTC 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 purchase price of MicroStrategy has exceeded the figure previously announced by the firm, which announced that it would raise $900 million to buy more Bitcoin on February 17.

Phong Le, president, and chief financial officer of MicroStrategy, said Bitcoin purchases would help enhance awareness of its brand as a software business while also acting as a sign of faith in the Bitcoin network.

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