MicroStrategy, the software giant announced on Monday that they have purchased an additional $15 million worth of Bitcoin at $59,389 apiece. The latest addition of 253 Bitcoins takes MicroStrategy’s total holding to 91,579 bitcoins with a $2.226 total investment.
MicroStrategy has purchased an additional ~253 bitcoins for $15.0 million in cash at an average price of ~$59,339 per #bitcoin. As of 4/5/2021, we #hodl ~91,579 bitcoins acquired for ~$2.226 billion at an average price of ~$24,311 per bitcoin. $MSTRhttps://t.co/OMQMhA85xw
— Michael Saylor (@michael_saylor) April 5, 2021
Michael Saylor, the CEO of the software giant and one of the biggest bitcoin proponent at present took to Twitter to announce the news, just days after people were discussing the delay in the company’s next bitcoin purchase.
Trending Stories
MicroStrategy has made a series of Bitcoin investments starting from August last year which comprised direct cash purchases using treasury reserve and raising debt security equivalent to $1.65 billion in two fundraisers.
MicroStrategy Has Profited Over $3B on Bitcoin Investment
MicroStrategy is counted among early investors which is evident from their Bitcoin profit which has reached over $3 billion at bitcoin’s current price. The total valuation of MicroStrategy’s Bitcoin holding stands at $5.29 billion.
The idea to use Bitcoin as a treasury hedge asset was initiated by Michael Saylor who made the decision based on declining US Dollar value and the bond market. Saylor also advocated for other Fortune 500 companies to add Bitcoin to their list and even claim that his interaction with Elon Musk was the reason behind Tesla’s decision to make a $1.5 billion purchase.
Saylor who led a recent Bitcoin conference organized by his firm attracted over 1400 CEOs from publically traded companies. Saylor revealed that an estimated $25 billion is expected to flow into the Bitcoin market from institutional investors. He also recently shut down rumors about the possibility of his company selling their holding saying he would never sell his Bitcoin and famously said,
My loyalty to Bitcoin is Forever
You know I can hear both of you, right? My loyalty to #Bitcoin is forever, Justine, forever.
— Michael Saylor (@michael_saylor) April 4, 2021
MicroStrategy is currently leading the Bitcoin adoption curve by institutions and has revealed that it would continue its Bitcoin investment through direct cash purchases as well as through security debt offering.
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted
- U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam
- Canada-based Ledn Challenges FTX’s Bid of BlockFi Acquisition With Better Proposal
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Breaking: Singapore Financial Regulator Reprimands Three Arrows Capital
- Ethereum Exchange Supply Spikes, ETH At A Risk of Correcting to $700 And Below
- Bitcoin Prices Can Reach This Level By End Of 2022; Reveals Deutsche Bank
- NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?