TL; DR Breakdown
- Microstrategy tops up confines with $190 million worth of BTC
- The firm now holds 129,218 BTC
- Michael Saylor continues to advocate for BTC
Bitcoin is one of the most sought-after crypto across the market despite small price volatility. This is because the crypto has shown to be one excellent investment since its debut in the market. With this, Microstrategy has purchased the latest batch of Bitcoin, bringing the total tally of the crypto in its confines to a region above 129,000. The news was made available to the public after the investment released a document with federal authority, US SEC signing off on the purchase.
Microstrategy now holds 129,218 BTC
According to the document, Microstrategy, through one of its branches with the same name, purchased the 4,197 BTC in question. The purchase was said to have been carried out between February 15 and April 5. At the period of purchase, the asset was worth around $190.5 million. Each BTC in the pack was purchased at $45,714, a slight increase from its present price in the market. This fresh purchase brings the Bitcoin inside Microstrategy’s confines and its branches to 129,218. The whole Bitcoin belonging to Microstrategy was bought for around $30,000 per coin, bringing the total to almost $4 billion.
Michael Saylor continues to advocate for BTC
Before the purchase was finalized, Microstrategy had concluded a deal with Silvergate, a leading fiat-crypto fintech company specializing in BTC collateral loans. Microstrategy mentioned that it would use the Bitcoin in its holding to borrow cash to purchase more Bitcoin. This is means that the entire Bitcoin in its wallet will be used as collateral. Microstrategy has continued to show a massive dedication to the Bitcoin space across the years.
The CEO of the company, Michael Saylor, who was previously against Bitcoin, made a u-turn in 2020 to begin singing the gospel of the asset. Now, the company purchases a fraction of the asset almost every quarter since its first purchase. However, the SEC said it was not okay with its accounting practices related to Bitcoin, news that saw its shares decline drastically.
According to the report, the investment firm employed several methods to cushion the effects of volatility in the Bitcoin market. Saylor has also become something of an ardent follower, singing the usefulness of Bitcoin to anybody that cares to listen. He has been quoted telling people to join the Bitcoin bandwagon over the years if they want something to negate inflation.