Exhibiting a consistently bullish stance on Bitcoin (BTC), Michael Saylor, the founder and executive chairman of software company MicroStrategy, has significantly expanded the firm’s crypto exposure through a recent substantial investment.
MicroStrategy unveiled its latest BTC purchase in a filing with the U.S. regulator Securities and Exchange Commission (SEC).
“On April 5, 2023, MicroStrategy Incorporated … announced that, during the period between March 24, 2023 and April 4, 2023, MicroStrategy, together with its subsidiaries, acquired approximately 1,045 bitcoins for approximately $29.3 million in cash, at an average price of approximately $28,016 per bitcoin, inclusive of fees and expenses,” the business said in its filing.
As of April 4, 2023, together with its subsidiaries, the software firm held a total of about BTC 140,000, which were bought at an aggregate price of some $4.17 billion and an average purchase price of about $29,803 per BTC, including fees and expenses, according to data released by MicroStrategy.
The latest development, which Saylor also shared on his personal Twitter account, has triggered a wide range of reactions from the businessman’s followers on the social media platform.
Florida-based entrepreneur Zev Freidus claims that the company’s crypto investments make MicroStrategy stock an attractive investment.
Some of the commentators offered their investment advice to MicroStrategy’s founder.
“Mike you’ll either be the richest man on planet Earth or a disaster. Hopefully your continued commitment to dollar cost averaging your basis down to under $30k sees you liquidate most of your position when it hits $40k. Take your billions back it’s too ridiculous with the swings,” Joshua Wallack, the COO and Developer of Mango’s Tropical Café, tweeted.
Saylor has established himself as a Bitcoin bull over the past years, benefiting from his platform to promote the leading crypto and call on fellow businessmen to invest in crypto.
In October 2022, MicroStrategy’s founder said bitcoin is the only money that has the potential to align “all interests to focus on peaceful engagement, rational action, & productive industry.”
In a December 14, 2022 tweet, the U.S. entrepreneur also spoke in favor of BTC’s design, calling the top crypto superior to tokens based on proof of stake protocols, such as Ethereum (ETH).
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