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 has purchased approximately 2,574 bitcoins for $50.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $19,427 per bitcoin. We now hold approximately 40,824 bitcoins.https://t.co/nwZcM9zAXZ
— Michael Saylor (@michael_saylor) December 4, 2020
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.
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.