MicroStrategy co-founder Michael Saylor has signaled an impending Bitcoin (BTC) purchase by the software intelligence firm, as the world’s leading cryptocurrency trades just shy of its recent all-time high of over $124,000. This move underscores the company’s aggressive and unwavering accumulation strategy, which has solidified its position as a key player in the digital asset space.
The company’s most recent acquisition came on Monday, with the purchase of 155 BTC for $18 million. This addition brought MicroStrategy’s total holdings to a staggering 628,946 BTC, currently valued at over $74.2 billion. According to data from SaylorTracker, the firm’s bold investment has resulted in a more than 60% return, representing over $28 billion in unrealized gains.
A Bitcoin Proxy and Industry Pioneer
MicroStrategy continues to serve a crucial role in the market as a Bitcoin proxy investment. It provides a vital gateway for institutional funds, which may be legally barred from holding digital assets directly, and for retail investors who prefer not to manage the complexities of crypto custody.
By pioneering the Bitcoin corporate treasury model in 2020, MicroStrategy set a precedent that has since inspired a wave of copycats, including firms that have adopted similar strategies for altcoins. The impact on its own valuation has been profound, with its share price appreciating by nearly 2,600% over the last five years, attracting a diverse range of investors from institutional giants to crypto traders.
Unwavering Conviction Amidst Competition
Despite the rise of altcoin treasury companies competing for market share, Saylor remains unconcerned. In a recent interview, he expressed his confidence that the primary flow of capital is still directed toward Bitcoin.
“I still think the vast majority of the capital flowing into the space is flowing into Bitcoin,” Saylor told Bloomberg. “We’ve gone from about 60 companies capitalizing on Bitcoin to 160 companies just in the past six months; so, I’m laser-like focused on Bitcoin.”
An Accelerated Accumulation Strategy
The company’s pace of acquisition has accelerated dramatically in recent months. MicroStrategy has added an astonishing 376,726 BTC to its treasury in just the last nine months alone. To put this into perspective, it took the company over four years to accumulate its first 252,220 BTC, highlighting a significant ramp-up in its investment conviction since its initial purchases began in 2020.
As the largest corporate holder of Bitcoin, MicroStrategy’s dominance is undisputed. According to BitcoinTreasuries, its massive stash of 628,946 BTC means the company has accumulated more Bitcoin than the next ten largest corporate treasury companies combined, giving the firm a formidable moat over any potential competitors.
