logo

MicroStrategy buys more Bitcoin yet again

ZBC

TL;DR Breakdown

  • MicroStrategy invests more money in Bitcoin.
  • Firm’s Bitcoin holdings now worth over $4 billion.

Despite the recent dwindling price of Bitcoin, business intelligence firm MicroStrategy has again announced that it has invested more money in the number one cryptocurrency. The firm’s CEO, Michael Saylor who has become a strong advocate for Bitcoin announced that they staked a whopping $15 million in the number one crypto.

The investment takes MicroStrategy’s total Bitcoin holdings to 90,859 coins, a haul worth $4.3 billion based on the current price. According to Michael Saylor, the firm in the last five months has bought 90,858 for $2.186 billion at an average price of $24,064 per coin, he tweeted.

MicroStrategy Bitcoin sojourn

The business intelligence firm first bought Bitcoin in August 2020, depositing a whopping $250 million on 21,454 BTC. Months after, it stashed another $150 million in the cryptocurrency, making their total investment in the coin hit $400 million.

MicroStrategy continued to buy at several points, and by the end of 2020, they had accumulated over 70,000 coins. In 2021, the firm announced that it would raise an additional $900 million for further Bitcoin purchases. The firm’s total BTC purchase exceeded $1 billion when they bought additional 19,452 coins last Wednesday.

MicroStrategy’s total outlay on Bitcoin stands at $2.18 billion, while current coin prices would value the firm’s holdings at $4.3 billion, meaning the firm would have made over $2 billion in five months were it to sell.

Michael Saylor committed to buying more BTC

The firm does not look like it would liquidate its Bitcoin holdings anytime soon after the CEO said that buying Bitcoin was one of the firm’s two corporate goals and growing its analytics software business.

In an interview, he has previously said that the firm is ready to hold its BTC holding for 100 years. Following its Bitcoin purchase, the NASDAQ listed firm has seen its share price continue to soar since its first Bitcoin purchase.

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.

Related News

Hot Stories

Litecoin price analysis: Bearish cycle reduces LTC value to $61.17
Top tweets of the day - 14th August
Ethereum merge: what happens to your NFTs after it occurs?
Biggest hacks of this week - 15th August
How to Mine Pi 2022 (Complete Guide)

Follow Us

Industry News

Top tweets of the day - 14th August
Ethereum merge: what happens to your NFTs after it occurs?
BlueBenx halts withdrawals after $32 million hack
Vauld fights back after ED freezes its $46M assets
UnionBank launches in-app crypto exchange