Just a few hours ago, MicroStrategy, now Strategy Inc., spent $180.3 million on acquiring 1,895 Bitcoin to reach its total BTC balance of 555,450.
The company is making a huge bet on Bitcoin's long-term potential. Since 2015, the firm has been acquiring bitcoins, and it now holds more of the cryptocurrency than anyone else in the world.
The company's latest purchase comes as Bitcoin has been struggling to maintain its gains following a strong rally earlier in the year. The cryptocurrency is currently trading in the mid-$60,000s, up from a low of around $30,000 in December.
Despite the recent price weakness, MicroStrategy remains bullish on Bitcoin's prospects. The company's founders believe that Bitcoin is a hedge against inflation and that it will continue to rise in value over time.
"We are fundamentally bullish on Bitcoin and believe that it is a sound monetary and investment strategy for the company," said the company's founders in a statement.
The company's massive bitcoin holdings have also made it a target for criticism. Some critics have accused the company of being reckless and that it is putting its own financial stability at risk by investing so heavily in bitcoin.
However, the company's founders maintain that they are making a smart move and that they are confident in bitcoin's ability to generate strong returns.
Only time will tell whether MicroStrategy's massive bitcoin bet will pay off. But one thing is for sure: the company's founders are true believers in the cryptocurrency and they are putting their money where their mouth is.
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