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Friday, October 22, 2021

MicroStrategy Buys Another $15M Worth of Bitcoin at $55K

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Despite the volatile market conditions, Michael Saylor’s business intelligence giant has doubled down on its BTC-related strategy. The firm bought another chunk of 271 bitcoins, and its total stash is now nearly 92,000 coins.

  • The NASDAQ-listed company announced the latest purchase of 271 bitcoins on May 13th. The firm said it had bought the amount for $15 million.
  • Despite being brought to the world today, the purchase was most likely made yesterday, as MicroStrategy said the average price was $55,387 per BTC. This is the asset’s price from yesterday, as it tumbled in value today to a 2-month low beneath $47,000 following news that Tesla has disallowed BTC payments for its vehicles.
  • With this considerable addition, MicroStrategy’s entire bitcoin stash has grown to 91,850 coins. The company began allocating funds in the primary cryptocurrency in August last year.
  • The average entry price for the numerous purchases made since then is $24,403 per bitcoin.
  • Ultimately, MicroStrategy has paid $2.241 billion for the coins it holds. However, with the asset’s impressive appreciation in value since then, their holdings are worth around $4.6 billion at today’s prices.
  • Apart from owning 0.437% of all bitcoins ever to exist, the software giant and its CEO have launched multiple other pro-BTC initiatives in recent months.
  • MicroStrategy held a designated panel earlier this year aiming to educate C-level executives from large companies on the merits of investing in bitcoin. Shortly after, Saylor released a comprehensive course for retail investors as well.
  • Additionally, the company made a significant change in its internal procedures as it started to pay its non-employee board members in BTC rather than cash.
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