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MicroStrategy increases its holdings by 5,050 BTC

MicroStrategy has made another large bitcoin acquisition, raising the total value of its bitcoin assets to almost $5.1 billion. According to CEO Michael Saylor, the corporation purchased 5,050 coins for $242.9 million in cash, reflecting an average price of $48,099 per coin.

Saylor has spent more than $3 billion (approximately Rs. 22,090 crores) on Bitcoin purchases since his initial purchase. The gamble has paid off, as the value of those Bitcoins has risen to more than $5 billion. Bitcoin’s price in India was Rs. 35.66 lakhs as of September 14.

Bitcoin traded over $44,500 on Monday, valuing the company’s bitcoin holdings around $5.1 billion. Saylor has been a vocal proponent of bitcoin, and his enthusiasm for the digital currency was evident in August 2020 when he converted nearly all of MicroStrategy’s cash into bitcoin. According to multiple people who have worked with Saylor, his bitcoin obsession appeared out of nowhere.

When the bitcoin market fell and became negative earlier this year, MicroStrategy opted to keep investing in its “digital assets strategy” and refused to sell any of its holdings. Saylor has been a vocal proponent of the world’s oldest cryptocurrency’s future, stating that he is “pleased with the results” of the digital asset plan. He previously stated that he will concentrate on growing MicroStrategy’s software company while also “acquiring and keeping Bitcoin” with spare income.

The price of bitcoin has dropped below $50,000, which it had recaptured in late August. In mid-May, the cryptocurrency had traded above that level, boosted by rising interest from financial institutions and other businesses, but fears about regulatory changes in China and the United States prompted a selloff.

Bitcoin’s recent retake of $50,000 was accompanied by a larger surge among other digital tokens such as ether and so-called altcoins like Cardano, thanks to a mix of industry news including technological upgrades and more corporate exposure to digital currencies. Coinbase announced in August that it would add $500 million in cryptocurrencies to its balance sheet and invest 10% of future income in digital assets.

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Also read: Six Reasons Why People Love Cryptocurrency

 

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