Michael Saylor can’t stop: MicroStrategy now holds 130,000 Bitcoin
MicroStrategy bought an additional 301 Bitcoin for $6 million at an average price of $19,851, the company’s executive chairman announced on Twitter.
MicroStrategy owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company had bought another 301 Bitcoin for roughly $6 million, at an average price of ~$19,851 per BTC.
In sum, the company is one of the largest holders of Bitcoin on the planet, holding 130,00 Bitcoin. Clearly, Saylor likes round numbers, buying 301 Bitcoin to reach the 130,000 milestone.
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
— Michael Saylor⚡️ (@saylor) September 20, 2022
Due to plunging price action, the company’s investment is down substantially in U.S. dollar terms. The group’s entry price is roughly $30,639 per BTC and the SEC filing states that the group bought 130,000 Bitcoin at an aggregate purchase price of approximately $3.98 billion.
If MicroStrategy were to start stacking sats (buying Bitcoin) at today’s prices, they would have spent $2.48 billion on 130,000 Bitcoin. Saylor is currently at a paper loss of over a billion dollars.
According to the SEC filing, the purchase was made with “excess cash.” Saylor recently stepped down as CEO of the company to focus on buying more Bitcoin, while the District of Columbia took aim at the billionaire in a tax evasion lawsuit.
Bitcoin enthusiasts were quick to commend Saylor’s Bitcoin buy. Referred to as the “Chad” or “Gigachad,” Saylor’s conviction and commitment to buying Bitcoin despite that the investment is underwater has garnered both a devout following and numerous critics.
Concerning other large wallet addresses, the Bitfinex (crypto exchange) wallet holds 170,000 BTC, while a Binance reserve wallet holds 125,000 BTC. Binance is the world’s largest crypto exchange and has several wallets holding six figures of Bitcoin. For individuals, Saylor has stated that he holds Bitcoin, while Sam Bankman-Fried, CEO of FTX and CZ, CEO of Binance, are also hodlers —a meme that became popular jargon for hold.