Microstrategy, a business intelligence firm, announced on Wednesday its latest cryptocurrency venture – investing in another 1,045 Bitcoins. This brings their total investment in the cryptocurrency to 140,000 coins, with an aggregate purchase price of around $4.17 billion. This amount is an average of $29,803 per Bitcoin. The current market rate puts the price at $28,564, with the company yet to break even after hitting massive losses in 2022.

The company is known for its cryptocurrency investments, as it had acquired its first Bitcoin in August 2020. With an ever-increasing portfolio in the market, the company has become the largest corporate holder of digital assets. It had further announced a $150 million Bitcoin purchase in late March.

Microstrategy's intention with its Bitcoin possession is clear from its chief executive officer's tweet where he hinted that the company was looking to convert its corporate treasury into Bitcoin. This at a time when the cryptocurrency's has been on a steady rise, which hints at a steady long-term gain for the company.

Besides Microstrategy, other big names have also taken the plunge, investing in the cryptocurrency to hedge against inflation and currency debasement risks. For instance, Tesla recently declared that it would be accepting payments through Bitcoin, with various other companies following suit.

With more firms looking to tap into the cryptocurrency market, the future of this asset class and the profits it could yield to any investor, is ever more promising.



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