Business intelligence firm MicroStrategy has added 3,907 Bitcoins to its vast trove of Bitcoin at a time when the average price of each coin was going for $45,294.
MicroStrategy’s filing with the U.S. Securities and Exchange Commission shows that it cost the company $177 million for its latest Bitcoin purchase. According to Michael Saylor, MicroStrategy now owns a total of 108,992 BTC, which is cumulatively around $2.918 billion.
The timing of MicroStrategy’s Bitcoin purchase was when the price of the digital coin had fallen by 2% from $49,191.30. On the other hand, the company’s stock, which investors often use as a proxy for the price of Bitcoin, had sunk from a high of $1,273 each to $718.
Although this is a huge purchase for the leading cryptocurrency by market cap, MicroStrategy’s action did not have a significant influence on the price of Bitcoin. Since reclaiming the $50,000 mark back in May, Bitcoin has not been successful in hitting it again. Bitcoin is currently trading at $48,358, which is a slight rise from when business analytics and mobility platform MicroStrategy made the purchase.
https://mycryptoparadise.com/microstrategy-announces-177m-bitcoin-purchase/
Topic: MicroStrategy Now Owns 108,992 BTC (Read 38 times)