TL; DR Breakdown
- Microstrategy purchases $25 million worth of BTC
- The company bought 660 BTC
- Bitcoin continues to enjoy patronage despite its decline
In the last few days, Bitcoin has been making more decline runs than surges due to the market’s massive volatility. The digital asset has led other digital assets on a declining run, with most of them posting two-digit losses. This is one reason why traders in the market are presently staying clear of the assets at this point. However, others like Microstrategy see the dip as another opportunity to have their stacks of Bitcoin filled up. With that, the company has purchased $25 million worth of Bitcoin.
Microstrategy bought 660 Bitcoin
Putting that figure into number, Microstrategy has purchased nothing less than 125,051 Bitcoin throughout the Bitcoin dip since 2020. In the report obtained from the SEC, Microstrategy submitted a document where it proposed buying 660 Bitcoin, which is worth $25 million in today’s market.
The sale was said to have been sanctioned from December 30 last year to January 31, 2022. According to the report, Microstrategy purchased one Bitcoin for about $37,000. Presently the firm has nothing less than $3.78 billion worth of Bitcoin in its confines. At the present market rate, the company has purchased all the Bitcoin in its wallet at $30,200 per token.
Bitcoin enjoys massive patronage
This latest news is coming off the back of the reluctance on the part of the United States SEC to accept Microstrategy’s Bitcoin accounting. This was also why the stocks of the big United States firm collapsed in the early part of January. The SEC said it didn’t accept the company‘s accounting method because it was one of the non-accepted accounting principles. This recent Bitcoin buy by the company is one of the smallest compared to the investment they have had to make in the years prior.
The company purchased 1,434 Bitcoin in early December 2021. At this period, the digital asset was selling at $57,477 per token. Towards the late period in December 2021, it made another slight purchase of 1,914 Bitcoin when the asset price sold for $49,229 per token. Asides from Microstrategy, Bitcoin has enjoyed massive patronage from El Salvador. The country has been cementing itself as a major Bitcoin buyer after its 410 Bitcoin purchase in January.