MicroStrategy has as soon as again doubled down on its bitcoin holdings with another purchase. This time around, the company spent practically $100 million to add more BTC to its massive holdings. The business which has been buying bitcoin since 2019 has stuck to its promise to invest heavily in the digital possession and has actually been the only company to continue buying through the dips.
MicroStrategy Buys More Bitcoin
MicroStrategy revealed that it has actually bought more bitcoins to add to its balance sheet. The openly noted business had actually bought a total of 1,914 BTC in between December 9th and 29th. Each of the BTC was purchased an average of $49,229 and the overall cost of the bitcoins purchased came out to $94.2 million.
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MicroStrategy’s CEO Michael Saylor, took to his Twitter account to share the news of the purchase with his followers. Saylor who is a singing bitcoin proponent is one of the reasons the company had begun buying the digital property after he disclosed his holdings to the board and demonstrated his returns.
MicroStrategy has actually acquired an extra 1,914 bitcoins for ~$ 94.2 million in cash at a typical price of ~$ 49,229 per #bitcoin. As of 12/29/21 we #hodl ~ 124,391 bitcoins acquired for ~$ 3.75 billion at a typical price of ~$ 30,159 per bitcoin. $MSTRhttps:// t.co/ tNxDwaT8VD
—– Michael Saylor
( @saylor) December 30, 2021 The company likewise published a disclosure that made the sale understood. Funds for the recent bitcoin purchase were obviously raised from offering shares of the company, which MicroStrategy has actually done at various points in the past to raise money for its buying sprees.
BTC recovers to $47K|Source: BTCUSD on TradingView.com
The Sole Driver Behind Corporate Investing
MicroStrategy has gone far for itself as being the public company with the biggest bitcoin holdings in the globe. However, lesser-known is the truth that it remains among the leading drivers of institutional financial investment in the digital possession.
Bitcoinist reported that MicroStrategy alone represented about 71.4% of all BTC holdings by business. With its most recent purchase, the business believes pressed this figure even greater, widening the space in between it and other business who presently bitcoin on their balance sheets.
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The company has actually invested about $3.75 billion on BTC in the previous 2 years. This financial investment has paid off handsomely as the business’s overall bitcoin holdings now sit above $6.1 billion, indicating that it has been a rewarding financial investment for them. The business now holds a total of 124,391 BTC on its balance sheet with its latest purchase.
Its statement of its bitcoin technique earlier in the year had triggered other companies such as Tesla, Square, Aker, and Meitu to likewise divulge their bitcoin holdings. However, MicroStrategy is the only business that has continued to acquire BTC, purchasing an average of 3,000 BTC monthly in the 3rd quarter of 2021.
Featured image from Bitcoin News, chart from TradingView.com