During the major Bitcoin dip, Microstrategy continues to buy more Bitcoins. Further invests US$ 10 Million for bringing in 229 additional Bitcoins into the holding, which now holds 92,079 Bitcoins.
Microstrategy is a US-based public listed company that has been frequently stacking up Bitcoins over the last year.
Meanwhile, Bitcoin was undergoing a massive dip, the company decided to buy the dip and bring more Bitcoins to its holding. It was announced on Twitter by Microstrategy’s CEO, Michael Saylor, his company has invested a further sum of US$ 10 Million into Bitcoin. Against US$ 10 Million, the company has been able to bring within the holding a further 229 Bitcoins. He also disclosed that with the acquisition of 229 Bitcoins, the overall Bitcoin holding of Microstrategy has become 92,079.
Saylor said that the company won’t even stop investing in Bitcoin even if its holding exceeds 100,000 Bitcoins. Form-8, which is used for investment by a public limited company and submitted to Securities & Exchange Commission, was also posted by Saylor. This form also showed that the company had duly injected further money into Bitcoin.
At Twitter Saylor apprised the audience specifically that an additional quantity of Bitcoin comprising over 229 has been bought by Microstrategy. Against this, the company had to pay US$ 10 Million approximately. Each Bitcoin cost roughly US$ 43,633 and now the company’s Bitcoin holding has become 92,079.
Saylor also told that from its initial purchase till the last one, Microstrategy has invested US$ 2.251 Billion. Against 92,079 number of Bitcoins, per coin average can be determined to be US$ 24,450, told Saylor.
The previous transaction of Bitcoin purchased was executed on 13th May 2021, wherein US$ 15 Million were utilized towards acquisition. But now when Bitcoin was undergoing a dip, the company decided to buy more coins in the dip. Otherwise, the company did not plan to buy further Bitcoins after 13th May, for the time being, told Saylor.
Microstrategy’s Bitcoin investment started back in August 2020 when the crypto boom was at its peak. During this time, Microstrategy also made a statement in which it preferred Bitcoin over cash as well. The popularity of the company as well as of its CEO skyrocketed since then and continuing till to date.
Bitcoin acquisition evidently brought various positive changes to Microstrategy. For instance, the values of stocks and shares of Microstrategy skyrocketed within a matter of days and continued to climb up and up. However, when crypto prices went down unexpectedly in February this year, the impact affected the shares and stocks of Microstrategy. But now Microstrategy’s stocks and shares have recovered most of what was lost, which has been further re-confirmed by its recent report.