MicroStrategy Remains One Step Ahead With $94M Bitcoin Purchase

MicroStrategy once more doubled its bitcoin holdings by making another acquisition. To add BTC to its vast holdings, MicroStrategy spent close to $100 million. Since 2019, the company has bought bitcoins and it has continued to do so.

MicroStrategy buys more Bitcoin

MicroStrategy said it bought additional bitcoins to improve its balance sheet. From December 9th to 29th, the publicly traded company purchased 1,914 BTC. The average price of each bitcoin purchased was $49,229; the cost total of all the bitcoins bought came to $94.2million.

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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, a prominent bitcoin advocate is the reason the company purchased the digital asset. He disclosed his holdings and showed his returns to the board.

Also, the disclosure made known that the sale was published by MicroStrategy. MicroStrategy sold shares of its company to fund the purchase.

Bitcoin price chart from TradingView.com

 Source: BTCUSD at TradingView.com| Source: BTCUSD on TradingView.com

Corporate Investing: The Only Driver

MicroStrategy is the company that holds the most bitcoins, and has been a household name. It is also a major driver of institutional investments in this digital asset.

Bitcoinist reports that MicroStrategy accounted for approximately 71.4% in all BTC held by companies. The company’s most recent acquisition has certainly pushed that figure higher and widening it against other bitcoin-related companies.

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Over the two-year period, BTC has been purchased by the company for $3.75 Billion. This investment has paid off handsomely as the company’s total bitcoin holdings now sit above $6.1 billion, indicating that it has been a lucrative investment for them. With its latest purchase, the company has 124,391 BTC in its total balance.

Its bitcoin strategy announcement earlier this year had inspired other companies, such as Square, Aker, Meitu and Aker to reveal their bitcoin holdings. MicroStrategy, however, is the only company to continue buying bitcoins, purchasing an average of 3000 BTC each month during the third quarter 2021.

Featured Image from Bitcoin News. Chart from TradingView.com

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