Crypto Whale Adds 262 More Bitcoins to Its Treasury
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Crypto Whale Adds 262 More Bitcoins to Its Treasury

March 13, 2021      Deepshikha Gupta

Known as the Crypto-whale, MicroStrategy announced the purchase of 262 more Bitcoin on Friday. The investment is worth $15 million. Michael Saylor, CEO of Microsoft announced the acquisition of coins in the morning hours on social media platform Twitter.  After scooping up 262 BTCs, the average value of the total of 91K BTC becomes $24K per coin. 

MicroStrategy Swapped $15 Million For 262 Bitcoin Purchase

Recently on March 5, the company invested $10 million in cash to purchase 205 BTC. In another seven days, the crypto whale added another acquisition of $15 million worth of Bitcoin in a Form 8-K Security and Exchange Commission filing. 

The tweet holds the information about the price company paid, the amount of BTC purchased, the average price of total no. of BTCs, and the total no. of the Bitcoin company holds. 

The tweet reads:

“MicroStrategy has purchased an additional ~262 bitcoins for ~$15.0 million in cash at an average price of ~$57,146 per bitcoin,” Saylor wrote on Twitter. As of 3/12/2021, we hodl ~91,326 bitcoins acquired for ~$2.211 billion at an average price of ~$24,214 per bitcoin.”

Crypto Whale Dollar-Cost Averaging Strategy

The dollar-cost averaging buying scheme of MicroStrategy has paid them off so far. In this investment strategy, the total amount is divided by the total periodic purchases of a target asset. Known as a constant dollar plan, the strategy reduces the overall impact of volatility.   

Having more than 91,000 Bitcoins calculating over $5.1 billion worth, with each BTC at an average of $24,214 shows that the total value invested is $2.2 billion. 

The business intelligence company sheet is showing 91,326 bitcoin which implies that the company is 8,674 BTC away from touching 100,000 BTC. In the present times, the exchange rates around $482 million worth of BTCs. 

Bitcoin is currently trading at $56,664. It is seen that despite the announcement Bitcoin has slid to a low of $55,011 per unit losing over 2.7%. The maximum value touched this month is $58,350 per coin. 

 

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#BTC #Crypto Whale #Dollar-Cost Averaging Strategy #Michael Saylor #MicroStrategy
Deepshikha Gupta
Deepshikha Gupta

A student from a technical background, Deepshikha found Bitcoin in 2020 and has been an evangelist ever since. A B.Tech turned into a full-time crypto-writer, she tries to bridge the gap that currently exists between the crypto world and people from non-technical backgrounds, through her simplistic yet effective form of writing. She finds that her writing for cryptocurrencies can redefine the way the audience interacts with the crypto space.