MicroStrategy Purchased Additional 3,907 BTC for $177 Million

MicroStrategy Purchased Additional 3,907 BTC for $177 Million

Bitcoin is the most valuable and leading digital currency in the crypto market. Besides its high price value it still attracts large investors and holders worldwide. Many business giants, crypto whales, are very eager to invest their assets in Bitcoin (BTC). Even when the crypto market crashed with a huge fall in BTC values, Bitcoin still remained as the crypto king among other cryptocurrencies. 

On Tuesday, the CEO of MicroStrategy, Michael Saylor invested $177 million in purchasing additional 3,907 bitcoins. The company is investing in millions by adding BTC and scoring up its value among the competitors. As per the record, the business intelligence firm holds a total of 108,992 Bitcoins till date. 

MicroStrategy’s Bitcoin Holdings

After the latest purchase, the software firm’s bitcoin holdings are worth nearly $3 billion owning more than 100,000 BTC’s. Moreover, the company files the record to the  U.S. Securities and Exchange Commission. The company submits the record of newly purchased 3,907 bitcoins at the price of $177M. 

In addition, MicroStrategy buys these additional bitcoins in cash at an average price of approximately $45,294 per BTC. This estimated amount of $177 million includes the value of BTC, inclusive of fees and expenses. So, on a proper account, the company’s debit on BTC holding is $2.918 billion with an average price of  $26,769 per bitcoin.

Earlier in June, MicroStrategy acquired $400 Million by purchasing Bitcoin (BTC). Through this, the CEO, Saylor proves that the firm will continue growing along with bitcoins achieving its business goals in near future. As the business intelligence the firm, spends its cash on an everlasting valuable asset (BTC). 

More so, the following week, MicroStrategy again spent another $100 million to its previous $400M to increase its BTC holdings. So, starting from December 2020 with an initial investment of $650 million for BTC purchase, MicroStrategy stands with huge pride holding a total of 108,992 BTC worth nearly $3 million. 

However, with bearish crypto market status, with huge drop in BTC values and even with a large amount of business loss, MicroStrategy is very smart and strong in investing in Bitcoins. Besides a great loss in Q2 Financial results, the firm continues investing in digital assets which seems a bold move. 

Thus, Saylor strongly believes that BTC is more of a digital property than being a currency. And through MicroStrategy, Bitcoins increases its value and with BTC holdings, the company also seeks attention in the marketplace. 

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A responsible HR Admin with good experience in an international pharmaceutical company. She is passionate about dedicating her time to share her perspective about crypto and blockchain technology.