MicroStrategy, one of the world’s leading business intelligence firms, announced that it had bought 295 Bitcoin worth more than $10 million in cash. The recent purchase pushed the company’s total Bitcoin holding above 71,000. According to the official filing, the publicly-traded company bought 295 Bitcoin on 2 February. MicroStrategy now has a total of 71,079 BTC with a total worth of more than $2.5 billion. The business intelligence firm is one of the largest institutional holders of BTC.
Grayscale remains the biggest institutional holder of BTC.
Grayscale remains the biggest institutional holder of BTC, with more than 649,000 Bitcoin under management with a total value of over $23 billion. During the announcement of the leading business intelligence firm’s Q4 2020 financial results, Michael Saylor, CEO of MicroStrategy, said: “Regarding our bitcoin strategy, our pioneering decision to make bitcoin our primary treasury reserve asset has made MicroStrategy a thought leader in the cryptocurrency market and generated great interest in MicroStrategy as a corporation.” “As we advance, we continue to plan to hold our bitcoin and invest additional excess cash flows in bitcoin. Additionally, we will explore various approaches to acquire additional BTC as part of our overall corporate strategy,” he added.
Grayscale reported that institutional adoption of Bitcoin is on the rise.
Grayscale reported in its latest Q4 of 2020 report that institutional adoption of Bitcoin is on the rise, and major wall street firms are taking an interest in the world’s leading cryptocurrency. The BTC price has seen significant growth since the start of 2021. The cryptocurrency registered an all-time high of $41,500 in the last month. As of writing, the price of Bitcoin is hovering around $36,100 with a total market of more than $670 billion.