Michael Saylor’s software company today announced another gigantic Bitcoin buy — the fifth such purchase in as many weeks.
The newly dubbed “Bitcoin development company” said Monday that it had acquired more BTC worth around $2.1 billion. The latest purchase pushes the company’s total Bitcoin stash to 423,650 BTC.
MicroStrategy Bags More Bitcoin
Between Dec. 2 and Dec. 8, MicroStrategy bought approximately 21,550 BTC. The company snapped up the orange coins at an average price of approximately $98,783, the announcement said.
The Bitcoin acquisitions were made using proceeds from the issuance and sale of MicroStrategy shares. The company sold an aggregate of 5,418,449 shares for net proceeds of roughly $2.13 billion, a filing with the U.S. Securities and Exchange Commission shows.
MicroStrategy now holds 423,650 Bitcoins, which, at today’s price, is about $42 billion in the bellwether cryptocurrency. According to CoinGecko data, Bitcoin is now trading for $97,735.
MicroStrategy has frequently purchased BTC since 2020, but this year accelerated its buys as the price of Bitcoin rockets. The company announced in October that it will raise $42 billion in additional capital to continue acquiring the benchmark crypto.
MicroStrategy’s latest Bitcoin buy came at a time when BTC smashed new lifetime highs, breaking above the $100K mark for the first time in its history on Dec. 5.
“I’ll Be Buying The Top Forever”: Saylor
Despite Bitcoin recently hitting new highs, MicroStrategy’s Executive Chairman, Michael Saylor, doubled down on his bullish stance on BTC and HODLing strategy during an appearance on Yahoo Finance’s Market Domination.
“I’m confident I’ll be buying Bitcoin at $1 million per coin — likely around $1 billion worth of Bitcoin per day at that price,” Saylor asserted.
“I’ll be buying the top forever,” he continued.
Uber-bull also proposed that the U.S. government sell its gold reserves and buy 5 million Bitcoins instead to hedge against runaway inflation.
“Dump your gold, sell all the US gold, and buy Bitcoin because you can buy 5 million Bitcoin for the cost of the gold. You’ll de-monetize the entire gold asset class, and our enemies hold gold in their banks, and so their assets would go to zero, while our assets go to trillion dollars,” Saylor said.