MicroStrategy announced the acquisition of an additional 7002 Bitcoin for $414.4 million
MicroStrategy revealed that it had added 7,002 Bitcoin to its holdings (BTC). Michael Saylor’s firm is now the biggest known BTC holder among non-crypto corporations as a result of the newest acquisition.
One of the world’s leading software businesses recently disclosed a huge rise in its bitcoin holdings. MicroStrategy acquired an extra $7,002 BTC for $414.4 million in cash, according to its most recent Form 8-K filing with the Securities and Exchange Commission. MicroStrategy CEO Michael Saylor said that the bitcoins were acquired at an average price of around $59,187 per BTC.
While this is not the greatest cryptocurrency acquisition MicroStrategy has made, it dramatically expanded its Bitcoin holdings—the business now owns 121,044 BTC.
For $3.57 billion, the 121,044 BTC were bought at an average price of $29,534 per BTC. The market responded well to news of MicroStrategy’s newest acquisition, with Bitcoin surging over 7% in the hours after the announcement. And although it quickly fell by 2% to $57,100, the charts remain tight as the market anticipated additional increase.
Each of MicroStrategy’s past Bitcoin acquisitions moved the market considerably, and with three months since its most recent large announcement, we might see further price activity in the days ahead.
In addition, the organisation has a rigid HODL attitude. Earlier this year, MicroStrategy CEO Michael Saylor revealed in an interview that the company buys bitcoin, holds it, and does not lend it out. When Saylor, a well-known member in the Bitcoin community, spoke out about his belief in the monetary good’s qualities and its associated buy and keep approach, he became a household name.
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