Software company MicroStrategy is reportedly accumulating Bitcoin (BTC) at the fastest pace since 2021.
According to a new one report by Bloomberg MicroStrategy bought 18,300 Bitcoin for about $1.1 billion between August 6 and September 12, the most the company has purchased since February 2021, when it bought 19,452 BTC.
The report shows that the enterprise software company now owns approximately 244,800 BTC worth $14 billion, or about 1% of the largest crypto asset by total market cap supply. The data also shows that MicroStrategy purchased the BTC at an average price of $38,585.
MicroStrategy – co-founded by former CEO and Bitcoin maxi Michael Saylor – has purchased Bitcoin as a hedge against inflation, according to the report.
Earlier this year, it was reported that South Korea’s National Pension Service — which managed more than $764 billion in assets at the end of 2023 — has purchased tens of millions of dollars worth of MicroStrategy (MSTR) shares since June 30, bringing the total to 245,000 shares . worth $32.5 million at the time.
According to Bloomberg, the company’s share price will more than double by 2024, even outperforming the crypto king itself, which has seen a 40% price increase over the same period.
Bitcoin is trading at $59,425 at the time of writing, up 1.5% in the past 24 hours while MSTR is valued at $139.60.
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Featured image: Shutterstock/klyaksun/MicroOne