Microstrategy revealed an additional purchase of 3,907 Bitcoin acquired at $177 million in cash. The Fortune 500 company acquired their latest lot of BTC at an average price of $45,294 apiece. MicroStrategy now holds a total of 108,992 Bitcoins bought at $26,769 apiece.
MicroStrategy has purchased an additional 3,907 bitcoins for ~$177 million in cash at an average price of ~$45,294 per #bitcoin. As of 8/23/21 we #hodl ~108,992 bitcoins acquired for ~$2.918 billion at an average price of ~$26,769 per bitcoin. $MSTRhttps://t.co/8jUlJImJbO
— Michael Saylor⚡️ (@michael_saylor) August 24, 2021
MicroStrategy has invested a total of $2.918 billion towards Bitcoin and seems to have no plans of stopping anytime soon. The software infrastructure provider was among the first Fortune 500 companies to replace US Dollar in its treasury with Bitcoin. There was a lot of pressure on the firm to sell some of their BTC holdings during the May dip when the price of BTC went below $29,000 on a couple of occasions. However, the CEO of the company Michael Saylor has maintained throughout that there is no question of selling.
The publically traded company started investing in Bitcoin in August last year when the BTC price was trading just above $10K and since then has bought the top cryptocurrency on numerous occasions. The firm has also raised nearly $1.65 billion through security debt offerings in the form of the company’s senior convertible notes.
Can MicroStrategy’s Latest Purchase Help the Bitcoin Bulls?
Bitcoin price has fallen below key $50K support yesterday, as the crypto market readies for the second leg of the bull run, MicroStrategy’s latest purchase could help the bull case of Bitcoin. The top cryptocurrency has already seen a 74% surge over the past month and the next target would be to retest its ATH at $64,683 after conquering $50K support.
MicroStrategy is joined by several publically traded companies that have added Bitcoin to their balance sheet. The institutional demand for the top cryptocurrency is at an all-time high where the likes of BlackRock, Fidelity, Goldman Sachs, and JP Morgan have started offering Bitcoin investment options to their clients.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.