According to a regulatory filing , Michael Saylor’s Microstrategy added 5,445 more Bitcoins to its vault, bringing the company’s total holdings to around 158,245 coins. The company’s total Bitcoin wealth amounts to an aggregate of $4.68 billion. The strategy follows Saylor’s aggressive Bitcoin-based vision for the company’s future.
As Microstrategy now owns over 0.75% of the token’s total pool of 21 million coins, at an average purchase price per Bitcoin of $29,582, the company’s capital is being slowly drained due to Bitcoin’s declining price.
Following the company’s most recent purchase of 5,445 Bitcoins, the company now owns over 0.75% of the total 21 million token pool.
If Microstrategy continues buying Bitcoin as per Saylor’s plan, it may aim to control 1% of the total Bitcoin market.
Microstrategy’s average purchase price per Bitcoin is around $29,582, while Bitcoin, at the time of writing this article is valued at around $26,000.
The difference in price between Microstrategy’s purchase and the current valuation of Bitcoin effectively results in a loss for Microstrategy, estimated to be more than $500 million.
However, Microstrategy and Saylor seem unbothered by the math. As the company buys more tokens, it is on a set course towards acquiring 1% of the total Bitcoin pool, giving it serious dominance over the Bitcoin market.
Bitcoin is likely to surge “when” BlackRock’s ETF applications, along with other applications filed by Wall Street giants, receive approval from the US Securities and Exchange Commission.
At that point, Saylor’s plan would come to fruition, multiplying the company’s Bitcoin holding value, and skyrocketing its capital for potential further domination of the Bitcoin market in the future.