Currently, one Business holds more Bitcoin than any Nation

MicroStrategy holds more than 1 per cent of all bitcoins in existence

A US software corporation has increased its bitcoin holdings to above $14 billion (£11 billion), making it the nation with the largest cryptocurrency holdings.

MicroStrategy revealed in its most recent financial report that it purchased 25,250 bitcoins in the first four months of 2024, bringing its total to 214,400 BTC, or more than 1% of all bitcoins in circulation.

With more than ten times more bitcoin held by the corporation than by the second-highest bitcoin-holding public company, mining company Marathon Digital Holdings, the firm is the world’s largest corporate bitcoin holder.

According to data compiled by Bitcoin Treasuries, MicroStrategy now owns more bitcoin than the US, which is valued at $13.5 billion with 207,189 BTC. This is due to its most recent acquisition.

“We currently hold 214,400 bitcoins at an average purchase price of $35,180 per bitcoin thanks to our unique bitcoin strategy and strong operational track record,” stated Phong Le, chief executive of MicroStrategy.

With Bitcoin valued at almost $64,000 right now, MicroStrategy has profited more than $6 billion from its cryptocurrency investment.

Given that founder Michael Saylor often uploads pictures of diamond hands to X (previously Twitter), indicating his commitment to hold onto the company despite market swings, MicroStrategy doesn’t seem likely to profit from its investment.

During a significant decline in the cryptocurrency market in 2022, Mr. Saylor commented, “When MicroStrategy adopted a Bitcoin Strategy, it anticipated volatility and structured its balance sheet so that it could continue to #HODL through adversity.”

Mr. Saylor posted on Monday, as the price of bitcoin was once again getting close to all-time highs: “Bet on the winner #Bitcoin.”

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The first was the approval of the first-ever spot exchange-traded funds (ETFs) for bitcoin in January by the US Securities and Exchange Commission (SEC). This was the first time institutional investment in the market to reach billions of dollars.

The second was an occurrence called the “halving,” which occurs approximately every four years and results in a halving of the bitcoin mining earnings. Due to the combination of rising demand and declining supply, bitcoin reached a fresh all-time high of over $73,000 in March.

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