Just-In: MicroStrategy Buys Another $15 Million Worth of Bitcoin in Cash
MicroStrategy has bought another $15 million worth of Bitcoin in cash today at $57,146 per BTC, taking their total holdings to 91,326. This purchase makes it the third cash purchase for the software giant in 2021 apart from the $1 billion purchase made from the proceeds of the convertible note sale. The firm has not just made strategic Bitcoin purchases over the course of the past 8 months, it has also endorsed Bitcoin use as an inflation hedge prompting many other Fortune 500 companies and institutional investors to invest in the top cryptocurrency including Tesla.
MicroStrategy has purchased an additional ~262 bitcoins for ~$15.0 million in cash at an average price of ~$57,146 per #bitcoin. As of 3/12/2021, we #hodl ~91,326 bitcoins acquired for ~$2.211 billion at an average price of ~$24,214 per bitcoin. $MSTRhttps://t.co/QIQP30rv2q
— Michael Saylor (@michael_saylor) March 12, 2021
The software solution provider was among the first Fortune 500 company to use Bitcoin as a treasury reserve asset and started converting a portion of their treasury cash into Bitcoin from August last year. The firm has made systematic purchases of Bitcoin ever since having already invested over $2.2 billion in the top cryptocurrency.
MicroStrategy’s Total Bitcoin Investment More Than Doubled Within a Year
MicroStrategy has invested a total of $2.211 billion in Bitcoin up until now accumulating 91,326 bitcoins in the process at an average price of $24,414 per bitcoin. The current BTC price is $55,854 which makes the total valuation of MicroStrategy’s Bitcoin holding to over $5 billion. Tesla made the biggest single Bitcoin purchase last month with its $1.5 billion Bitcoin investment has also gained over $1 billion on its initial investment.
The likes of MicroStrategy, Tesla, and many other tech giants are leading the Bitcoin adoption among institutions and according to one estimate, nearly $25 billion worth of institutional money would flow into Bitcoin this year.
The diminishing value of the US Dollar in the international trade market added with negative yield bonds and lowering confidence in Gold is being seen as the catalyst for growing Bitcoin adoption. The raging pandemic and the government’s printing spree have also worked in Bitcoin’s favor due to its scarcity and decentralized nature.
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