Michael Saylor’s Latest Move Adds $584M in Bitcoin – Crypto Expert

The rise of the cryptocurrency industry in the United States has been a significant development this year. This growth has prompted many enthusiastic supporters of digital assets to increase their involvement in the market. One notable figure leading the charge is Michael Saylor, whose company Strategy recently acquired an additional $584 million worth of Bitcoin.

Formerly known as MicroStrategy, Saylor-led Strategy has been a staunch proponent of Bitcoin for quite some time. The company was among the first to adopt a strategy of accumulating Bitcoin to capitalize on the potential of the leading cryptocurrency. With their most recent purchase, Strategy now holds over 500,000 Bitcoin, marking a major milestone in their investment journey.

The recent election of Donald Trump as president in 2024 brought about the inauguration of the first pro-crypto leader in the nation’s history. This change in leadership led to swift and favorable adjustments in crypto policy, with the US Securities and Exchange Commission (SEC) signaling a more supportive regulatory environment for the industry. This shift has emboldened long-time advocates of cryptocurrencies, with Michael Saylor and his Strategy making yet another substantial purchase of $584 million worth of Bitcoin.

According to a recent SEC filing, Strategy seized the opportunity to buy Bitcoin at a lower price, increasing its holdings to an unprecedented level. The firm now possesses a remarkable 2.4% of the total Bitcoin supply, with a total of 506,137 Bitcoin valued at an impressive $44.2 billion. These assets were acquired at an average price of $66,607, totaling $33.7 billion in value.

Saylor had hinted at another significant Bitcoin purchase just a day before the latest acquisition. Following an increase in capital from a preferred stock offering last week, he expressed via X (formerly Twitter) that the company’s portfolio needed more Bitcoin. The recent purchase has indeed boosted the company’s Bitcoin holdings significantly, solidifying their position as one of the largest Bitcoin holders in the industry.