MicroStrategy Incorporated, loc Nasdaq-listed business intelligence and software company, filled up its Bitcoin (BTC) accumulation with an additional purchase of 229 Bitcoin (BTC) in cash. The last purchase, valued at up to $ 10 million, was made a few days after purchasing 271 units of the cryptocurrency, establishing the company as a true Bitcoin investor.
The company’s chief executive officer, Michael Saylor, said the most recent purchase was around $ 43,663 as the company took advantage of the recent price correction and adjustment for the cryptocurrency and the market as a whole.
According to the updated post on Twitter, as shown above, the company’s total inventory of Bitcoin now stands at 92,079 units, which were purchased at an average price of $ 24,450 for a grand total of $ 2.251 billion. In fact, the Virginia-based company is now the publicly traded institution with the largest number of Bitcoin on its balance sheet.
While Bitcoin price Corrected, MicroStrategy saw an opportunity
Bitcoin has gone through various turmoil in the past few weeks, starting with the flooding in Xinjiang China, a disaster that directly halted mining activities and caused the Bitcoin hashrate to plunge, causing the price to fall. As Bitcoin seeks to restore its balance, Tesla CEO Elon Musk announced that the company would no longer accept Bitcoin payments due to the cryptocurrency’s high energy demands.
These events and other fundamental disruptions drove the coin to trading from a high of $ 57,939.36 of $ 42,207.29 as the market bears rushed to sell off. As the FUD expanded Elon Musk Michael Saylor believes this is an entry point to topping up more of the leading digital currency in line with the company’s Treasury Reserve Allocation policy.
At the current price of the cryptocurrency, which was set at $ 42,911.19 at the time of writing, MicroStrategy’s total BTC holdings are over $ 3.95 billion, which is a good profit margin for the company.
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