MicroStrategy, one of the world’s leading business intelligence firms, announced that it has bought 295 Bitcoin worth more than $10 million in cash. The recent purchase pushed the company’s total Bitcoin holding above 71,000.
According to the official filing, the publicly-traded company bought 295 Bitcoin on 2 February. MicroStrategy now has a total of 71,079 BTC with a total worth of more than $2.5 billion. The business intelligence firm is one of the largest institutional holders of BTC. Grayscale remained the biggest institutional holder of BTC with more than 649,000 Bitcoin under management with a total value of over $23 billion.
During the announcement of the company’s Q4 2020 financial results, Michael Saylor, CEO of MicroStrategy, said: “Regarding our bitcoin strategy, our pioneering decision to make bitcoin our primary treasury reserve asset has made MicroStrategy a thought leader in the cryptocurrency market and generated great interest in MicroStrategy as a corporation. Going forward, we continue to plan to hold our bitcoin and invest additional excess cash flows in bitcoin. Additionally, we will explore various approaches to acquire additional BTC as part of our overall corporate strategy.”
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Institutional Bitcoin Adoption
Grayscale reported in its latest Q4 of 2020 report that institutional adoption of Bitcoin is on the rise and major wall street firms are taking interest in the world’s largest cryptocurrency. The BTC price has seen significant growth since the start of 2021. The cryptocurrency registered an all-time high of $41,500 in the last month. As of writing, the price of BTC is hovering around $36,000 with a total market of more than $670 billion. The digital asset is up nearly 5% in the last 24 hours.
Bloqport, the crypto research and analytics firm, pointed out that 18,425 Bitcoin left leading cryptocurrency exchanges in the last 7 days at BTC’s supply at exchange wallets reached its lowest level in over 2 years. Nearly 14,000 BTC moved from crypto exchange Coinbase to cold storage yesterday after Guggenheim filed to buy $500 million worth of BTC via Grayscale.