CEO Michael Saylor disclosed the $15 million BTC purchase on Thursday.
MicroStrategy, a Virginia-based business intelligence firm, has added another 271 Bitcoin (exposedcrypto.com/bitcoin-price”>BTC) to its strategic reserves, underscoring CEO Michael Saylor’s growing conviction in the digital asset.
The purchases were made through May 13 for an average price of $55,387, Saylor disclosed on Thursday. MicroStrategy now has 91,850 BTC on its books for an average purchase price of $24,403.
MicroStrategy has purchased an additional 271 bitcoins for $15.0 million in cash at an average price of ~$55,387 per #bitcoin. As of 5/13/2021, we #hodl ~91,850 bitcoins acquired for ~$2.241 billion at an average price of ~24,403 per bitcoin. $MSTRhttps://t.co/EwZnRkAt6k
— Michael Saylor (@michael_saylor) May 13, 2021
MicroStrategy also disclosed the purchase to the United States Securities and Exchange Commission through a Form 8-K filing that was submitted on Thursday.
Although MicroStrategy’s purchase appears to have coincided with the latest correction in Bitcoin’s price, which was spurred on exposedcrypto.com/news/backlash-to-elon-musk-s-bitcoin-bombshell-as-traders-start-to-buy-the-dip” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/exposedcrypto.com/news/backlash-to-elon-musk-s-bitcoin-bombshell-as-traders-start-to-buy-the-dip/amp”>by Elon Musk’s sudden decision to stop accepting BTC payments for Tesla vehicles, the business intelligence firm isn’t timing the market. Saylor indicated in February that he exposedcrypto.com/news/microstrategy-purchases-another-1-billion-worth-of-bitcoin-now-owns-90-000-btc” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/exposedcrypto.com/news/microstrategy-purchases-another-1-billion-worth-of-bitcoin-now-owns-90-000-btc/amp”>doesn’t intend to slow the rate of his company’s BTC purchasin as he snatched up another $1 billion worth of the digital asset.
MicroStrategy sits atop the Bitcoin corporate treasuries list, accounting for 0.437% of the asset’s circulating supply.
MicroStrategy is acquiring Bitcoin on the premise that the digital asset is a dependable store of value in the face of systemic dollar debasement. It has gone as far as exposedcrypto.com/news/microstrategy-raising-600m-no-900m-to-buy-more-bitcoin” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/exposedcrypto.com/news/microstrategy-raising-600m-no-900m-to-buy-more-bitcoin/amp”>issuing debt to expand its Bitcoin portfolio.
The United States’ M2 money supply has exploded since the 2008 financial crisis and, more recently, since the onset of the COVID-19 pandemic. Since February 2020, the money supply has expanded nearly 30% to $19.896 trillion, according to the St. Louis Federal Reserve Bank. To put that in perspective, the year-over-year increase in the M2 money supply had never exceeded 15% until 2020.