| -Microstrategy purchased another 295 bitcoin worth $10 million. -However, making their total Bitcoin holding to 71,079 BTC worth $2.47 billion. -Moreover, the announcement could well trigger further upward price momentum for BTC. |
Microstrategy CEO Michael Saylor announced today that the company has purchased another 295 bitcoin which is worth $10 million making their total Bitcoin holding to 71,079 BTC worth $2.47 billion.
Microstrategy Now Holds $2.5B Worth of BTC
Microstrategy has just bought 295 BTC with $10 million in cash. However, at the time of the purchase BTC price was $33,808. According to CoinGecko, the BTC price is at $35,143 with a 24-hour trading volume of over $58.2 billion, at the time of writing.
BTCUSD Price Chart 1-Month (Source: TradingView)
Moreover, the company has been purchasing Bitcoin since last year. More so, it began with a $250 million purchase. In addition, the firm has promised to invest all of their excess treasury funds into Bitcoin.
The firm also encourages other companies to buy Bitcoin for their treasury funds. Last week, the firm invited companies and business executives to its upcoming seminar on the asset class. Wherein the firm shall release its “Bitcoin Playbook.”
Meanwhile, the news of today’s purchase came right after Saylor tweeted the below quote.
Saylor said,
“My formula for success is rise early, work late, and buy #bitcoin.”
Furthermore, the latest purchase will be viewed as a vote of confidence from the firm that Bitcoin price has higher to climb. Even more, the announcement could well trigger further upward price momentum for BTC in the crypto market.
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