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MicroStrategy again buys $489 million Bitcoin

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TL;DR Breakdown

  • MicroStrategy again buys more BTC
  • Firm now has over 1,000 Bitcoin

Business intelligence and software firm MicroStrategy has shocked the world again after it announced on Monday that it had bought an additional 13,005 Bitcoins for around $489 million in cash.

The recent purchase by the firm brings their total Bitcoin stash to over 100,000 Bitcoin. Consequently, the firm now holds 0.5 percent of all bitcoins ever to exist.

Today’s Bitcoin purchase by MicroStrategy comes after it completed its $500 million offering of secured notes last week. MicroStrategy CEO explained that the coins in the recent purchase were purchased at an average price of $37,617.

105, 085 Bitcoin since August 2020

The NASDAQ-listed firm purchased its first stash in August 2020 and since then has accumulated 105,085 Bitcoin on its balance sheet.

Reportedly, the aggregate purchase price of these bitcoins is around $2.75 billion, at an average purchase price of about $26,080 per Bitcoin. In addition, another subsidiary of the firm, MacroStrategy, also has bought about 92,079 of Bitcoins.

Beyond BTC, MicroStrategy intensify Bitcoin effort

Beyond investing in BTC, the firm and its CEO, Saylor has also engaged in multiple other pro-Bitcoin endeavors. For example, the firm hosted an online BTC conference for executives from large corporations, aiming to outline the benefits of investing in the primary cryptocurrency.

The software firm has also made Bitcoin its treasury reserve asset and started paying non-employee directors in BTC instead of cash.
Additionally, Saylor launched a course of its own for retail investors and has used every opportunity to praise the cryptocurrency on traditional media.

Lastly, he chaired a meeting where Elon Musk was present alongside Bitcoin miners to chart how renewable energy would become the source of powering Bitcoin mining activities after environmental concerns were raised on mining activities.

They all agreed eventually to see how renewable energy sources across the world would power mining activities of the foremost cryptocurrency.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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