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MicroStrategy increases its Bitcoin balance by almost $243 million

Bitcoin

TL;DR Breakdown

• Microstrategy has acquired over 110,000 Bitcoin tokens.
• The trading software firm made over 100 percent profit on last year’s BTC investment.

Cryptocurrency adoptions have increased as the Bitcoin price reached new all-time highs. Recently the company MicroStrategy announced that it has once again bought a good amount of BTCs.

With these announcements, the program developer brand joins the growing interest that entrepreneurs such as Elon Musk, Tesla CEO, and Jack Dorsey, Twitter CEO, have sown on cryptocurrencies.

MicroStategy buys more Bitcoin

Bitcoin

The firm’s CEO, Michal Saylor, said that MicroStrategy recently purchased over 5,000 Bitcoin tokens to join the decentralized marketplace. Saylor clarifies this new purchase cost them around $243 million depending on the token’s value during the transaction. With this purchase, the company has stored over 110,000 BTC.

However, MicroStrategy bought BTC on the rise when its price was trading above $48,000, and today, it has dropped to $44,000 after a week of loss. But as the currency is volatile, it will likely reach higher values in the coming weeks.

The first time the US firm bought BTCs was in August of last year. MicroStrategy invested about $3 billion to buy the token, trading close to $28,000. If its 2020 value is compared with the current price, the company has doubled its investment.

But the leading cryptocurrency token will not stay at the $40,000 line because, according to crypto experts, inevitably, BTC will exceed $50,000 or $60,000 before the end of the year.

BTC bulk purchase

MicroStrategy has not only opted to buy Bitcoin since last year because Elon Musk, CEO of Tesla, was also a part of it. However, the head of the automotive company did not reveal how many tokens he bought.

Like the thousands of cryptocurrency enthusiasts, both entrepreneurs have profited from the BTC rise. Bitcoin is going through a bad week where it has lost 13.76 percent of its value. But, for some investors, this downtrend is an opportunity to buy BTC and expect it to rise in the following week.

BTC not only lost value in the first weeks of September but also Solana, which did not stop growing. SOL loses over 10 percent of its price in less than 24 hours, trading at $158.20. Ethereum is also affected by this bad streak; Ether lost 3.02 percent of its capital compared to yesterday’s price; today, Ether reaches $3,214.

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Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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