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US software companies have increased their Bitcoin holdings to more than $14bn (£11bn) and now hold more cryptocurrencies than any other country.
In its latest financial results, MicroStrategy announced that it purchased 25,250 Bitcoin in the first four months of 2024, bringing its total to 214,400 BTC. This equates to more than 1% of all Bitcoins in existence.
The company's Bitcoin holdings are the world's largest holding company and more than 10 times that of mining company Marathon Digital Holdings, the second-largest publicly held Bitcoin holding company.
MicroStrategy's latest acquisition means the company holds more Bitcoin than the United States, which holds 207,189 BTC worth $13.5 billion, according to data collected by the Bitcoin Treasury. are doing.
“Thanks to our unique Bitcoin strategy and strong track record as an operating company, we currently have 214,400 Bitcoins at an average purchase price of 35,180 Bitcoins,” said MicroStrategy CEO Von Leh. It is held in dollars.”
Bitcoin is currently trading at around $64,000, which means MicroStrategy has gained over $6 billion from its crypto investments.
MicroStrategy appears unlikely to cash out on its investment, with founder Michael Saylor frequently posting images of diamond hands on X (formerly Twitter) and announcing his intention not to sell despite price fluctuations. It was showing.
“When MicroStrategy adopted our Bitcoin strategy, we structured our balance sheet to anticipate volatility and continue #HODLing through adversity,” Saylor said. I have written In 2022, the virtual currency market was in a major slump.
Saylor said this on Monday, as the price of Bitcoin once again neared all-time highs. I have written: “Bet on the winner #Bitcoin.”
Two major events in the crypto industry have driven up prices in recent months.
First, the U.S. Securities and Exchange Commission (SEC) approved the first-ever Bitcoin spot exchange-traded fund (ETF) in January. This brought billions of dollars of institutional investment into the market for the first time.
The second is an event known as the “halving,” which occurs approximately every four years and halves the rewards for mining Bitcoin. This decrease in supply and increase in demand caused Bitcoin to hit a new all-time high of over $73,000 in March.
