Michael Saylor’s MicroStrategy Purchased $10 Million In Bitcoin
- MicroStrategy (MSTR) acquired 480 bitcoins for around $10 million – an average price of $20,817 per coin – between May 3 and June 28.
- The latest purchases increase the company’s total holdings to 129,699 bitcoins (BTC) purchased for $3.98 billion, or $30,664 on average.
- At the time of publication, Bitcoin was trading at $20,100, making MSTR’s stockpile worth nearly $2.6 billion.
MicroStrategy is a business intelligence company. On Wednesday, the company announced that it had purchased 480 Bitcoins for around 10 million dollars. This averages out to approximately $20,817 per coin. The purchases were made between May 3 and June 28 of this year.
This move makes MicroStrategy one of the largest public companies by market value to invest in Bitcoin. The announcement comes as many companies and institutional investors are still debating whether or not to invest in cryptocurrency. Some view it as a high-risk investment, while others believe that it has the potential for high rewards.
Bitcoin has been one of the most volatile assets in recent years, with its price fluctuating greatly from month to month – sometimes by thousands of dollars. Despite this volatility, some experts believe that now is a good time to invest in Bitcoin, due to the increasing interest from both retail and institutional investors. Only time will tell if MicroStrategy’s bet on Bitcoin pays off.
MicroStrategy’s Massive Bitcoin Bet Continues to Pay Off
MicroStrategy (MSTR) had purchased an additional $10 million worth of the cryptocurrency, bringing its total holdings to 129,699 bitcoins (BTC), or an average cost of $30,664 each.
At press time, Bitcoin is changing hands at $20,100, making MSTR’s stash worth approximately $2.6 billion. The company first revealed its foray into cryptocurrency in mid-August. At the time, CEO Michael Saylor said he believes bitcoin
is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.
Since then, the price of Bitcoin has surged to new all-time highs as institutional investors increasingly pile into cryptocurrency amid concerns about inflation and macroeconomic uncertainty. Just last week, electric vehicle maker Tesla disclosed it had invested $1.5 billion in BTC and would begin accepting the digital asset as payment for its cars going forward.
Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.
