The US-based publicly traded software company MicroStrategy, led by the prominent bitcoin (BTC) bull Michael Saylor, announced today that it has purchased an additional BTC 5,050 at an average price of USD 48,099.
As usual, the bitcoin purchase was publicized by Saylor via his Twitter account, where he also said that the company now holds a total of BTC 114,042 purchased at an average price of USD 27,713.
MicroStrategy’s massive bitcoin holdings now means that the company owns bitcoin worth over USD 5.1b.
Following MicroStrategy’s announcement of the latest purchase, the popular bitcoin on-chain analyst Willy Woo published an updated version of his chart of bitcoin held by public companies. The chart shows MicroStrategy clearly leading the pack, followed by electric carmaker Tesla, Mike Novogratz’s investment firm Galaxy Digital, and Jack Dorsey’s payments company Square.
In a follow-up tweet, Woo also offered his take on MicroStrategy’s massive bitcoin holding, saying that he believes many other companies use MicroStrategy to get exposure to bitcoin without having to buy the asset itself.
“In case people wonder why MicroStrategy is such a large holder. I think public companies find it easier to buy a convertible debt instrument from MicroStrategy to gain BTC exposure than to hold the underlying asset. IMO MicroStrategy hold BTC for many companies,” the on-chain analyst wrote.