Business Intelligence firm MicroStrategy knows how to make the most of the Bitcoin (BTC) price correction. As Bitcoin corrected over 5.5% in a marketwide correction, MicroStrategy director Michael Saylor announces the purchase of an additional 29,646 Bitcoins (BTC) for an aggregate price of $650 million.
The massive fund infusion in Bitcoin comes after MicroStrategy completed $650 million of convertible notes last week. With the latest purchase, MicroStrategy’s aggregate BTC holdings cross 70,000. It also takes the company’s total investment in Bitcoin to $1.125 billion at an average price of $15,964 per BTC.
MicroStrategy has purchased an additional 29,646 bitcoins for $650 million at an average price of $21,925 per #bitcoin and now #hodl an aggregate of 70,470 bitcoins purchased for $1.125 billion at an average price of $15,964 per bitcoin.https://t.co/j6wVLXIzoa
— Michael Saylor (@michael_saylor) December 21, 2020
In the official announcement, MicroStrategy CEO Michael Saylor writes:
“The Company continues to operate in accordance with its Treasury Reserve Policy and currently holds approximately 70,470 bitcoins. The acquisition of additional bitcoins announced today reaffirms our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value. We believe the proactive management of our balance sheet, combined with the improved revenue and profitability performance of the Company, have been significant factors in the recent appreciation in our stock price.”
The recent fund infusion comes just at a time when the markets are under a massive selling spree. Michael Saylor has been endorsing Bitcoin (BTC) for a long time calling it the perfect hedge against the massive money printing by the Fed and the rising inflationary pressure.
Institutional Inflows Key to Bitcoin Price Surge
Last week, the Bitcoin (BTC) price surged all the way to above $24,000 following big institutional announcements. However, after a 20% surge in a very short period, Bitcoin struggled to hold that level and has finally entered a correction.
Earlier today, JPMorgan analysts wrote that institutional inflows in Bitcoin funds are key to keep the momentum going further. Well, the latest investment from MicroStrategy comes just at the right time.
On the other hand, crypto markets have entered deep correction despite the $900 billion stimulus deal by Congress on Sunday, December 20. Although the stimulus package will put more liquidity into the markets, the rising COVID-19 cases are creating further concern.
London has reported a new COVID-19 strain that is very fast-spreading and deadly. Several countries have issued a ban on flights coming from the U.K. Markets across Europe and Asia corrected heavily today.
- Breaking: Do Kwon Releases Another LUNA Revival Plan
- Just-In: Grayscale Adds Five New Tokens To Its Investment Products
- Another Stablecoin Follows LUNA $UST, Crashes Within Hours
- PlanB: Bitcoin (BTC) Is Creating A Bottom For The Next Bull Market
- Shiba Inu Holders Increase Amid Market Crash, But There’s A Catch
- LUNA Crash: South Korea Toughens Up Investigations Over Terra (LUNA) Crisis
- Avalanche (AVAX) Slumps 5% In Minutes On Fears Of Terra Dump
- Breaking: Luna Foundation Guard Reserves Decimated By Terra Crash
- Breaking: Luna Foundation Guard Member Says Terra Reserves En Route
- Just-In: El Salvador To Discuss Bitcoin Adoption With 44 Countries
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?
- DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout
- Ripple Price Analysis: XRP Price Remains Pressured below $0.50; Is Selling A Good Choice?