Friday, September 17, 2021

MicroStrategy has acquired 5,050 Bitcoin for approximately $243 million.

The Takeaway:

The US-based business intelligence firm MicroStrategy recently announced that the company has acquired 5,050 Bitcoin for approximately $243 million in cash.

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MicroStrategy, the US-based business intelligence firm, recently announced that the company has acquired 5,050 Bitcoin for approximately $243 million in cash. According to an official announcement by Michael Saylor, CEO of MicroStrategy, the company now has a total of 114,042 Bitcoin. In August 2021, MicroStrategy acquired 3,907 BTC for $177 million in cash. Since the start of this year, MicroStrategy has expanded its Bitcoin portfolio quite substantially. 

 

MicroStrategy is one of the largest institutional holders of the world’s largest cryptocurrency. 

Nasdaq-listed MicroStrategy is one of the largest institutional holders of the world’s leading cryptocurrency. The stock price of the company jumped by nearly 5% after the recent Bitcoin announcement. “MicroStrategy has purchased an additional 5,050 bitcoins for $242.9 million in cash at an average price of $48,099 per BTC. As of 9/12/21, we are holding 114,042 bitcoins acquired for $3.16 billion at an average price of $27,713 per bitcoin,” Saylor said in a Tweet. Institutional adoption of Bitcoin and other cryptocurrency assets has increased significantly this year despite price volatility.

 

Bitcoin continues to remain volatile. 

The leading cryptocurrency in terms of market capitalization, bitcoin saw extreme volatility last week after its price dropped by nearly $10,000 within 12 hours on 7 September. However, its on-chain activity remained positive as long-term Bitcoin holders increased accumulation. “The Bitcoin market experienced a high volatility sell-off early in the week, with prices initially breaking up to a new local high of $52,849, before selling down to a low of $44,196. Meanwhile, in spot and on-chain markets, the historically significant trend of investor accumulation and long-term holding remains well and truly intact. Despite a 50%+ sell-off experienced in May, a strong rally from the $29k lows, and now another sharp sell-off this week, HODLers appear unphased,” crypto analytics platform Glassnode mentioned.

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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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