• MicroStrategy started acquiring BTC in August 2020
  • The software compny now holds approximately 140,000 Bitcoin
  • Bitcoin saw a 0.80% loss over the past 24 hours and was trading in the red zone

Michael Saylor, the American entrepreneur and one of the founders of the business intelligence and mobile software company MicroStrategy, dropped a major announcement for Bitcoin enthusiasts and the larger cryptocurrency industry this week.

MicroStrategy is currently working on a Bitcoin-related product and plans to launch soon, revealed Saylor, who is currently the company's executive chairman. He noted that the incoming product would enable easy development and deployment of BTC rewards applications to employees, customers and partners.

"At Microstrategy, we are working on a product to deliver a #Bitcoin wallet & #Lightning address to every corporate account holder and enable quick & easy development & deployment of Bitcoin rewards applications to employees, customers, prospects, & partners," Saylor said in a tweet.

The Bitcoin Lightning Network is a layer-2 solution on the BTC blockchain that intends to address slow transaction speed by introducing off-chain transactions.

"If you're going to do payments and transactions [at] high speed, you're going to need a base layer that's ethically sound, economically sound, and technically sound. That's what Bitcoin is. But then billions and billions of transactions are going to go on a layer 2 like Lightning," Saylor, who is a known Bitcoin maximalist, explained.

It is worth noting that MicroStrategy is not a cryptocurrency or a Bitcoin firm, but it is the world's largest institutional Bitcoin holder.

The software company has around 140,000 BTC at an average cost of $29,800, which is equivalent to around 0.7% of the total BTC in circulation or 20% of the daily average traded volume in spot markets.

MicroStrategy is one of the most aggressive companies that has been religiously acquiring the world's first-ever crypto asset every quarter since it first purchased it in August 2020.

"Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders," MicroStrategy said in 2020 at the time it first purchased the world's largest crypto asset by market capitalization.

"This investment reflects our belief that Bitcoin, as the world's most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash," Saylor said at the time.

Bitcoin saw a 0.80% loss over the past 24 hours and was trading in the red zone at $27,211.36 with a 24-hour volume of $12,847,190,328 as of 4:41 a.m. ET on Tuesday, according to the latest data from CoinMarketCap.

Bitcoin is Digital Energy - Michael Saylor at the MIT Bitcoin Expo 2-18 screenshot
Thirty-five years after graduating with the highest honors, Michael Saylor returns to his alma mater to headline the MIT Bitcoin Expo YouTube Screenshot/MicroStrategy Official YouTube Channel