Friday, July 30, 2021

MicroStrategy buys $489 million worth of bitcoins.

The Takeaway:

MicroStrategy announced that it had purchased an additional approximately 13,005 bitcoins for approximately $489 million in cash during the latest dip.

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Founder and CEO of MicroStrategy, Michael Saylor, tweeted that the firm has bought an additional 13,005 bitcoins worth $489 million. The firm purchased an average price of approximately $37,617 per bitcoin, inclusive of fees and expenses. The latest purchase takes the total BTC accumulation by MicroStrategy to 105,085 bitcoins, acquired at an aggregate purchase price of approximately $2.741 billion and an average purchase price of approximately $26,080 per bitcoin. 

 

MacroStrategy holds approximately 92,079 of the bitcoins.

According to the official announcement, MacroStrategy LLC, a subsidiary of MicroStrategy, holds approximately 92,079 of the bitcoins. MicroStrategy (Nasdaq: MSTR) is the largest independent publicly traded analytics and business intelligence company. The analytics and business intelligence company has been among the top corporate firm that has continued accumulate bitcoin over the years. The latest purchase from MicroStrategy comes on a day that bitcoin tumbled 9.3%, which puts it on track for the lowest close in 4 months and is now about 49% below its record close in April. At the beginning of the year, the business intelligence firm bought $1 billion worth of bitcoins. 

 

Microstrategy continues to accumulate cryptocurrency holdings.

MicroStrategy hinted at fueling its bitcoin holdings when it revealed in a filing that it plans to sell up to $1 billion of its shares. As reported earlier, the SEC filing from the firm earlier this month stated, “We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement.” The business analytics firm is not the only one to accumulate bitcoin in recent time; several major institutions have recently shown interest in bitcoin

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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