MicroStrategy buys an additional 301 bitcoins, now holds 130,000 BTC
- MicroStrategy buys another 301 bitcoins for $6 million.
- The business intelligence company now holds approximately 130,000 bitcoins, acquired for about $3.98 billion.
- The company's latest Bitcoin purchase was paid for using excess cash, according to financial documents.
As far as cryptocurrency news go, this sums up a big thumbs up from one of the largest corporate holders of Bitcoin (BTC),
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MicroStrategy buys Bitcoin worth $6 million
As per the filing and as confirmed by MicroStrategy Executive Chairman Michael Saylor, the publicly-traded business intelligence company has acquired an additional 301 BTC to bring its total holdings to approximately 130,000 bitcoins.
The company announced that the new purchases occurred between 2 August 2022 and 19 September 2022. The firm forked about $6 million for the 301 bitcoins, accounting for an average price of roughly $19,851 per bitcoin. The purchase was paid for in cash, according to the SEC filing.
As of 19 September, MicroStrategy had purchased bitcoins at an aggregate price of $3.98 billion, bringing the company’s average purchase price to around $30,639. These costs are inclusive of fees and other expenses.
Michael Saylor is one of Bitcoin’s most prominent supporters and has maintained his bullish stance for the asset class since the firm first purchased BTC in 2020. Recently, as reported by Invezz, he stepped down from the company’s CEO post in what he said was a move that would allow him to better focus on its Bitcoin strategy.
This weekend, as Bitcoin struggled with bearish pressure, he took to Twitter to highlight how the crypto asset has performed since 2020 compared to other asset classes. In his tweet, he shows that BTC has outperformed most other assets, including the S&P 500, gold and bonds.