MicroStrategy Buys 3,000 Bitcoins Worth IDR 2.4 Trillion

Todaysgist.com, Jakarta – MicroStrategy Inc, a software company that makes buying Bitcoin part of its corporate strategy, bought another 3,000 or more Bitcoins this month for USD 155.4 million or the equivalent of IDR 2.4 trillion (assuming an exchange rate of IDR 15,633 per US dollar).

Reporting from Yahoo FinanceTuesday (27/2/2024), this increased the value of the company's Bitcoin holdings to around USD 9.88 billion or the equivalent of IDR 154.4 trillion, based on currency market prices.

The most recent purchases were made with cash between Feb. 15 and Feb. 25, according to a filing with the U.S. Securities and Exchange Commission on Monday. That brings the company's total Bitcoin holdings to around 193,000 Bitcoins.

Michael Saylor, chairman and co-founder of MicroStrategy, started buying Bitcoin in 2020 as an inflation hedge and alternative to holding cash.

Saylor said in an interview on Bloomberg TV last week there was no reason to sell the company's Bitcoin. Bitcoin prices have risen about 460% since Saylor started buying.

The average price for the latest acquisitions was USD 51,813 or the equivalent of IDR 810 million, while the average price for total ownership was USD 31,544 or the equivalent of IDR 493.1 million, according to the filing. Bitcoin experienced another increase reaching USD 54,000 or the equivalent of Rp. 844.2 million on Monday.

The ownership value swelled to USD 10 billion or the equivalent of Rp. 156.3 million earlier this month when the Bitcoin price reached its highest level in more than two years.

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