In a recent report, MicroStrategy said it purchased an additional 9,245 BTC for $623 million, bringing its total assets to an astounding 214,246 BTC, which is approximately $13.39 billion at current market prices. This latest acquisition means MicroStrategy now owns more than 1% of all Bitcoin mined to date, strengthening its position as one of the largest institutional holders of the digital asset.

The company's average purchase price is $35,160 per BTC, indicating a significant return on its investment given the current market price of around $63,000.

MicroStrategy's bitcoin accumulation strategy began in August 2020 when the company made its first purchase of 21,454 BTC for $250 million. Since then, the company has consistently grown its holdings, with nearly a quarter of its purchases coming in 2024 alone. The latest acquisition was funded with proceeds from a convertible note offering of $592.3 million and excess cash on hand of $30.7 million, underscoring the company's commitment to investing in Bitcoin.

MicroStrategy CEO Michael Saylor has been a vocal advocate for the digital asset, recently declaring that Bitcoin will “eat gold” and become the world's most valuable commodity. Saylor believes Bitcoin has all the desirable qualities of gold without any of the downsides, making it an excellent store of value and hedge against inflation.