MicroStrategy Purchases Another $10 Million Worth Bitcoin
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MicroStrategy Purchases Another $10 Million Worth Bitcoin

February 3, 2021      Jafrin Ahmed

MicroStrategy has bought another $10 million of Bitcoin, according to an announcement on Feb. 2. The business intelligence firm has now added an additional 295 bitcoins to its holdings. This marks the second $10 million purchase of 2021 after the company bought 314 BTC in just less than two weeks ago. The total Bitcoin holdings of MicroStrategy now amounts to 71,079 BTC.

MicroStrategy Continues Buying Bitcoin

Publicly-traded MicroStrategy’s latest BTC purchase was executed at an average price of $33,810. This indicates that the firm might have accumulated the new coins in the price dip dropped following a price spike stirred by Elon Musk’s endorsement of Bitcoin on his Twitter account.

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On January 22, the firm initially bought $10 million into Bitcoin, buying another 314 coins. It did the same again recently, although at a slightly higher rate.

In a company’s earnings call last week, CEO Michael Saylor said his company will continue to actively manage its balance sheet.

MicroStrategy has now spent a total of $1.145 billion on buying Bitcoin, as part of its treasury investment policy. The company now owns around $2.5 billion in Bitcoin.

Investments in Bitcoin Aimed at Maximizing Long-term Value

In one of a kind, MicroStrategy completed a $650 million raise to buy more Bitcoin during December 2020. This marked its second biggest purchase. The business intelligence firm acquired the bitcoins at an aggregate price of around $1.15 billion, or at an average price of around $16,109 per bitcoin. Currently, the price of Bitcoin somewhere trading around $34,800.

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MicroStrategy initially purchased 21,454 Bitcoin for $250 million during August 2020. At the time, the company’s CEO Michael Saylor said that the firm’s investments in bitcoin are aimed at maximizing long-term value for shareholders.

The firm’s acquisitions in Bitcoin come as an investment strategy, which describes Bitcoin as a superior asset class. The company’s acquisition of bitcoin appears to have paid off well so far.

#Bitcoin #Bitcoin Purchase #BTC #Corporate Investment #Insititutional investment #Michael Saylor #MicroStrategy
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.