Artificial intelligence and crypto: a technology giant added 5,000 Bitcoin to its reserve

Artificial intelligence and crypto: a technology giant added 5,000 Bitcoin to its reserve
September 25, 2023 – 14:29

The company specializing in computer services chaired by Michael Saylor, MicroStrategy, purchased 5,445 Bitcoin (BTC). MicroStrategy accumulates 158,245 BTC in its treasury.

Michael Saylor added 5,000 Bitcoins to MicroStrategy reserves. In this way, there are 158,245 bitcoin in its treasury. The purchase was around $147.3 million, with an average price of $27,053. The company remains the publicly traded company with the most BTC in the world.

“So I think bitcoin is inevitably going to permeate all the traditional institutions of the world in different ways, for different reasons.”described Michael Saylor, CEO of MicroStrategy.

The company acquired had already added 7,500 bitcoins in the first quarter of 2023, disbursing a net capital of US$179 million, at a rate of US$23,903 per unit, approximately. Subsequently, purchased 12,333 BTC for $347 million in June 2023, at an average purchase price of $29,668 per BTC.

According to information from the BitcoinTreasuries portal, after MicroStrategy, the public companies (listed on the stock exchange) with the largest amount of BTC accumulated are Marathon (11,466 BTC), Tesla (9,720 BTC) and Coinbase (9,480 BTC in its treasury, not counting what belongs to its users and is guarded by the exchange).

While MicroStrategy’s continued accumulation of Bitcoin once again highlights the company’s confidence in the asset as a store of value and a long-term investment, The continued bear market also means that it is significantly in the red on its historical investments in the first cryptocurrency.

MicroStrategy, a company dedicated to cloud software and promoter of artificial intelligencebegan acquiring cryptocurrencies in August 2020, when the company’s co-founder, Michael Saylor, stated that the main motivation was to use it as a hedge against inflation.

Earlier this year, Saylor said the company’s strategy “is buying and holding Bitcoin, and the key thing for us is to be consistent, transparent and responsible in pursuing that strategy.”

Source: Ambito

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