MicroStrategy Stacks Up 660 Bitcoins to Increase its Pot to 125,051 Units

The Chief Executive Officer of Nasdaq-listed MicroStrategy Incorporated, Michael Saylor, on his Twitter handle announced that the company has purchased a total of 660 Bitcoin (BTC) units, with payments made in cash and totaling $25.0 million.

The business intelligence and mobile software firm purchased these Bitcoin at an average price of $37,865 per bitcoin, an acquisition that puts the firm at holding over 0.5% total of bitcoin in circulation worth $4.6 Billion.

This investment increases the pot of the company to 125,051 BTC units, with nearly $1 Billion in profit over their $3.78 Billion purchases made so far. MicroStrategy has bought practically every Bitcoin dip, with an average buy price of $30,200/BTC. 

Bitcoin and the cryptocurrency industry are currently in a difficult market condition, with the largest cryptocurrency recently falling to $32,500. Meanwhile, the price of BTC has rebounded from its previous massacre and is now trading around $38,858 according to data from CoinMarketCap as of the time of writing.

MicroStrategy has always been a major investor in BTC just like Jack Dorsey of Twitter, and despite criticism from certain areas, the firm’s faith in Bitcoin as a store of value has not diminished, as seen by what appears to be a new purchase every other week.

Earlier in 2021, MicroStrategy acquired 205 Bitcoin at an average price rounding up to $48,888 per coin with an estimated value of $10,000,000. This marked one of the firm’s earliest investments in Bitcoin.

On August 2021, MicroStrategy purchased 21,454 BTC for about $250 Million, also on Sep 14 the same year, Michael Saylor steered the firm to acquire 16,796 additional Bitcoins for $175 million. This purchase brings its holding at the time to a total of 38,250 Bitcoins with an aggregate buying price of $425 million. 

All these, in relation to the current investment in BTC, confirm Saylor’s long-time interest in Bitcoin, a positioning he and the firm’s executives have made clear they will never back down from.

Categories Business, NewsTags , ,
%d bloggers like this:
search previous next tag category expand menu location phone mail time cart zoom edit close