Wednesday, October 5, 2022

MicroStrategy Stacks Up 660 Bitcoins to Increase its Pot to 125,051 Units

The Chief Executive Officer of Nasdaq-listed MicroStrategy Incorporated, Michael Saylor, on his Twitter handle announced that the company has purchased a total of 660 Bitcoin (BTC) units, with payments made in cash and totaling $25.0 million.

The business intelligence and mobile software firm purchased these Bitcoin at an average price of $37,865 per bitcoin, an acquisition that puts the firm at holding over 0.5% total of bitcoin in circulation worth $4.6 Billion.

This investment increases the pot of the company to 125,051 BTC units, with nearly $1 Billion in profit over their $3.78 Billion purchases made so far. MicroStrategy has bought practically every Bitcoin dip, with an average buy price of $30,200/BTC. 

Bitcoin and the cryptocurrency industry are currently in a difficult market condition, with the largest cryptocurrency recently falling to $32,500. Meanwhile, the price of BTC has rebounded from its previous massacre and is now trading around $38,858 according to data from CoinMarketCap as of the time of writing.

MicroStrategy has always been a major investor in BTC just like Jack Dorsey of Twitter, and despite criticism from certain areas, the firm’s faith in Bitcoin as a store of value has not diminished, as seen by what appears to be a new purchase every other week.

Earlier in 2021, MicroStrategy acquired 205 Bitcoin at an average price rounding up to $48,888 per coin with an estimated value of $10,000,000. This marked one of the firm’s earliest investments in Bitcoin.

On August 2021, MicroStrategy purchased 21,454 BTC for about $250 Million, also on Sep 14 the same year, Michael Saylor steered the firm to acquire 16,796 additional Bitcoins for $175 million. This purchase brings its holding at the time to a total of 38,250 Bitcoins with an aggregate buying price of $425 million. 

All these, in relation to the current investment in BTC, confirm Saylor’s long-time interest in Bitcoin, a positioning he and the firm’s executives have made clear they will never back down from.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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