- Microstrategy buys Bitcoin worth $50 million in cash
- The company currently holds over 40,000 BTC.
Popular technological company, Microstrategy, has just bought over 2000 Bitcoins. This was announced by the company’s founder, Micheal Saylor, in a tweet to his over two hundred thousand followers.
According to the tweet, the US-based company had made a FORM 8-K filing with the United States financial regulator, Securities, and Exchange Commission (SEC), on December 4. The filing went on to state that Microstrategy bought 2,574 bitcoins, which is worth $50 million in cash. This is per the Treasury Reserve Policy.
It was also reported that each Bitcoin was bought for $19,427. The tech company’s recent purchase brings its BTC holdings to over 40,000 BTC. This equates to 0.194% of the total Bitcoin in supply.
While many other investors are skeptical about investing in the crypto industry due to its volatility, this appears to be of no concern to Microstrategy and its CEO. They have converted over $400 million of the company’s cash asset into Bitcoin.
Saylor, in particular, has remained bullish about the prospect of Bitcoin. The CEO believes that BTC has made enormous progress in the last 5 years. He went on to add that he owns over 17,000 BTC. This is worth well over $300 million.
Microstrategy continues to lead other companies in Bitcoin investment
Microstrategy’s recent purchase of more Bitcoin continues the company’s trend of investing in the crypto asset.
The company had previously bought 21,454 BTC for $250 million in August. Later on, the company purchased another tranche of Bitcoin that was worth $175 million.
MicroStrategy CEO has also said that there is no possibility of the company ending its investment in Bitcoin soon. Saylor says such a move can be likened to decapitalizing the company.
Other companies like Square have also invested in the popular crypto asset. The Jack Dorsey company put one percent of its total assets in BTC. This was worth $50 million.