MicroStrategy’s Recent Bitcoin Purchase

Introduction

In a recent announcement on September 25, Michael Saylor’s company, MicroStrategy, revealed that it has purchased 5,455 bitcoin (BTC) for a total value of $147.3 million. This acquisition brings the total number of BTC held by MicroStrategy to 158,245 with an average purchase price of $29,582, equating to a total investment value of $4.68 billion.

MicroStrategy’s Continued Bitcoin Investments

MicroStrategy made history in August 2020 when it became the first publicly traded company to invest in bitcoin. Since then, the company’s involvement in the cryptocurrency market has continued to grow.

Michael Saylor, a fervent advocate for bitcoin, believes that it is the only valuable cryptocurrency, showing no interest in altcoins.

While MicroStrategy’s substantial bitcoin holdings have raised concerns about decentralization and the principles of bitcoin, it is important to note that there are currently 19.49 million BTC in circulation. Therefore, MicroStrategy’s holdings account for only about 0.8% of the total supply.

The Entities with the Most Bitcoin

While MicroStrategy holds a significant amount of BTC, it is not the entity with the largest bitcoin holdings globally. Arkham Intelligence, an analysis firm, recently examined several major bitcoin addresses to determine the entities with the most significant bitcoin ownership.

The study revealed that the US-based cryptocurrency exchange Coinbase holds nearly 1 million BTC, while Binance and Grayscale also possess vast amounts, with 644,000 BTC and 627,000 BTC, respectively.

However, the enigmatic creator of Bitcoin, Satoshi Nakamoto, is believed to hold the most substantial bitcoin fortune, with an estimated 1.1 million BTC worth nearly $29 billion. Nevertheless, it remains uncertain whether Satoshi’s bitcoins will ever be moved.

It is worth noting that the US government also holds a significant amount of bitcoin, accumulated through various seizures over the years. Currently, the US government’s bitcoin holdings amount to 205,515 BTC, with a total value of approximately $5.3 billion.

Conclusion

MicroStrategy’s recent bitcoin purchase further solidifies the company’s belief in the long-term value and potential of the cryptocurrency. While some criticize the concentration of bitcoin holdings in the hands of a few entities, it is essential to consider the broader cryptocurrency market and the total supply of bitcoin in circulation. As the world embraces digital assets, the distribution of bitcoin may also evolve over time.

Tags: Bitcoin, BTC, Grayscale, Michael Saylor, MicroStrategy