MicroStrategy Remains Bullish On Bitcoin Position, Has Been Quarterly Acquiring BTC Since 2020

MicroStrategy, an American software company co-founded by Bitcoin maximalist Michael Saylor and the largest corporate Bitcoin holder, has been actively acquiring BTC every quarter since 2020, underlining its firm bullish stance on the world's largest crypt asset by market capitalization.

Last month, BTC lingered in the $30,000 key psychological price level, which for MicroStrategy meant a stronger balance sheet, much higher stock prices, debt repayment and lack of necessity to sell holdings.

The software company last month made another remarkable BTC purchase worth $29.3 million, which rounded up its Bitcoin holdings to 140,000.

Interestingly, MicroStrategy has been religiously purchasing the world's first-ever crypto asset every quarter since it first started acquiring it in August 2020. The company purchased 21,000 BTC at the time.

Since then, despite the highs and lows of the maiden crypto, it remained bullish in its stance and ended up holding approximately 0.7% of total BTC in circulation, which represents around 20% of the daily average traded volume in spot markets.

"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 when it first purchased BTC.

"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," MicroStrategy's co-founder Michael Saylor said.

After August 2020, MicroStrategy made a substantial purchase of the crypto asset in the third quarter of that year when it acquired 38,000 BTC and almost doubled it in the following quarter when it purchased over 70,000 BTC.

The American software company continued accumulating BTC in 2021 and sometime in November of that year, saw an unrealized profit of almost $3.5 billion from the crypto asset acquisition.

In 2022, the crypto industry experienced a prolonged winter but it was not the case for MicroStrategy, which brought around 8,200 BTC all throughout last year, putting the company at approximately $1.8 billion in unrealized losses.

The surge in the value of BTC and the purchasing pattern of MicroStrategy were financially beneficial to the software company, which recorded a profit in the first quarter of 2023.

The company listed a net income of $461 million partly due to tax benefits from its BTC holdings. MicroStrategy is showing no signs of slowing down when it comes to Bitcoin purchases despite the crypto asset's highly volatile nature.

BTC saw a 3.74% loss over the past 24 hours and was trading in the red zone at $27,800.31 with a 24-hour volume of $14,599,134,530 as of 5:09 a.m ET on Monday, according to the latest data from CoinMarketCap.