Amid the growing interest of institutional players, Bitcoin’s price surges to all-time highs of $23,500. Market analysis and industry inside reports suggest that the giant investment firms, including Grayscale and Microstrategy, have grown their Bitcoin acquisition over the past few months.
Business intelligence company MicroStrategy has made several headlines in the crypto sphere for its multi-million Bitcoin investment. Recently, the firm has purchased almost 29,646 BTC, worth almost $650 million.
Earlier this month, the firm declared to sell $400 million convertible senior notes to purchase more Bitcoin. The bond sale eventually used to buy Bitcoin as per plan. While announcing senior notes sale, the company official briefed, “MicroStrategy intends to invest the net proceeds from the sale of the notes in bitcoin in accordance with its Treasury Reserve Policy pending the identification of working capital needs and other general corporate purposes.”
MicroStrategy Advice to Invest in Bitcoin
MicroStrategy started its Bitcoin campaign by investing almost $183 million in the digital asset in August. Just a month later, the business intelligence behemoth additionally poured over $175 million into the asset, bringing the total numbers to 38,250 BTC, worth $425 million.
As of now, Microstrategy is the fifth-largest individual hodler of Bitcoin. It possesses almost 70,470 BTC, acquired at an average price of $15,964 per Bitcoin. This figure places the firm ahead of the United States government, which holds almost 69,420 BTC.
MicroStrategy CEO Michael Saylor recently motivated Tesla CEO Elon Musk to replace the U.S. dollar with Bitcoin as Tesla’s main reserve currency. He said, “If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to #BTC. Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.”