MicroStrategy now holds more than 100,000 bitcoin, currently worth over $3 billion in value.
The business intelligence firm has long become the largest publicly listed HODLer. Less than a year after its initial $250 million purchase, MicroStrategy has now cracked the 100,000 bitcoin mark, meaning just under 5% of the total bitcoin supply are in the firm's possession, as announced by its CEO Michael Saylor on Twitter. Runner-up Tesla, in comparison, is believed to hold less than half that at around 43,200 bitcoin.
MicroStrategy's latest purchase comes in the midst of turbulence on the Bitcoin markets. Following a drop from an all-time high above $60,000 in May, Bitcoin is currently looking to consolidate above $31,000. While critics pointed out that Saylor's announcement didn't move the market in his firm's favour — on the contrary, MicroStrategy's latest purchase was made at a price of $37,617 per coin — it appears to be that news from China has been a powerful driver in Bitcoin's price movement in recent days.
Still, Saylor's firm is up on its investment. With its first purchase at around $10,000, MicroStrategy has so far averaged up to a cost basis of around $26,080 per bitcoin, meaning it is almost $700,000 in profit at the time of writing.
To Saylor, however, that may not matter much, as he has stated MicroStrategy plans to hold bitcoin "for 100 years."