The company known for holding the largest Bitcoin treasury announced it has resumed significant purchases of the cryptocurrency, following an acquisition of $835 million worth of Bitcoin.
In a filing with the US Securities and Exchange Commission on Monday, Michael Saylor’s MicroStrategy reported acquiring 8,178 Bitcoin (BTC) for approximately $835 million. This purchase marks a substantial increase compared to the company's Bitcoin investments in October and early November, which were reported to be around 400-500 coins per week.
This acquisition occurred amidst notable volatility in the price of Bitcoin. Data from Nansen indicates that the BTC price experienced a decline of approximately 11% in the preceding seven days, reaching $94,191 at the time of publication.
MicroStrategy maintains its position as the company with the most extensive Bitcoin treasury, holding 649,870 BTC. This strategy of consistently buying the cryptocurrency began in August 2020. In comparison, BitMine Immersion Technologies holds the largest Ether (ETH) treasury, and Forward Industries has the most significant position in Solana (SOL).
Despite a recent Bitcoin price flash crash last week, Saylor, MicroStrategy's executive chairman, stated in interviews and on social media that the company continued to acquire the cryptocurrency. The share price of the company's MSTR stock on Nasdaq has also seen a decline, falling more than 16% in the past five days to $197.03 at the time of publication.
MicroStrategy Chair Faces Debate Challenge
Over the weekend, gold investor and vocal Bitcoin critic Peter Schiff challenged Saylor to a debate. Schiff proposed the debate take place on stage at Binance Blockchain Week in Dubai in December, stating that MicroStrategy’s “entire business model [was] a fraud.”
As of the time of publication, Saylor had not publicly responded to Schiff's challenge.