MicroStrategy, a major public software company, has announced that it has acquired an additional 155 bitcoins worth approximately $5.3 million at an average price of around $34,400 per coin. This brings the company’s total holdings of Bitcoin to 71,079 coins with a total value of about a billion dollars.
The firm has been aggressively acquiring Bitcoin since August this year, contributing to its monetary reserves as part of a broader plan to move away from fiat currencies. In an announcement, the company said that it believes that “Bitcoin is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”
In the meantime, the company has also started offering Bitcoin as payment to its employees, joining in the footsteps of tech companies like Coinbase, Apple and Square, who have already made the move.
Notably, MicroStrategy has begun referring to Bitcoin as its “primary treasury reserve asset”, signaling its plans to invest further in the asset and diversify away from fiat currencies. This move is likely to boost market sentiment and encourage more institutional investors to jump on the Bitcoin bandwagon.