MicroStrategy Buys Another 2,574 Bitcoin For $50 Million
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MicroStrategy Buys Another 2,574 Bitcoin For $50 Million

December 5, 2020      Jafrin Ahmed

Business intelligence company MicroStrategy has made another massive investment in the world’s largest cryptocurrency by market capitalization. According to an SEC filing from Dec. 4, MicroStrategy brought 2,754 Bitcoin worth $50 million. Each purchase was bought when the price of the cryptocurrency was at $19,427. The company now owns a total of 40,824 BTC.

MicroStrategy Buys Another 2,574 Bitcoins

MicroStrategy’s CEO Michael Saylor further confirmed the company’s BTC investment in his social media. The company now holds more Bitcoin than any other public company.

Galaxy Digital owns about 16,651 BTC while Square which offers Bitcoin services through the Cash App owns about 4,709 BTC.

MicroStrategy’s recent investment in Bitcoin is not the first time the firm has invested in the digital currency. In August, the company invested about $250 million in response to the financial downturns during the coronavirus pandemic. It brought around 21,454 BTC when the price of the cryptocurrency was in the $11,700 range.

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In September, MicroStrategy invested another $175 million into Bitcoin to buy 16,796 BTC when the price of each cryptocurrency was around $10,700. MicroStrategy recent purchase includes a total of 2,574 BTC.

Michael Saylor Personally Owns 17,732 BTC

The CEO of MicroStrategy had been long a Bitcoin fan with personally owning 17,732 BTC, worth over $332M.

Saylor’s bullish views on Bitcoin was recently discussed with Marc Friedrich, saying Bitcoin is in early the same position as it was even five years ago. Hence making arguments against the cryptocurrency will be completely irrelevant.

With the massive growth since 2017, Saylor compared the world’s largest cryptocurrency by cap to Lebron James, saying:

“Lebron James played basketball from age 9 to 18, and he was talented but erratic and volatile. But then he grew up and from age 18 to 28, he destroyed everybody and everything in his way.”

Bitcoin investments have increased significantly over the past few months among institutional investors. Analysts believe there are various indicators that contributed to influencing investment in BTC among institutional investors. However, large scale investors believe that Bitcoin being a store of value is likely to influence the investment decisions.

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#Institutional BTC Investment #Micheal Saylor #MicroStrategy #MicroStrategy BTC Investment
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.