According to SEC filings, MicroStrategy purchased another $50 million worth of Bitcoin. Michael Saylor confirms the acquisition.
MicroStrategy, the business intelligence company, has purchased 2,574 Bitcoins at $19,427 each, for a total of $50 million. Indeed, MicroStrategy CEO Michael Saylor confirmed the third purchase.
Specifically, Michael Saylor bought 2,574 Bitcoins for $50 million in cash. This increased the company’s cash holdings to approximately 40,824 Bitcoins.
Michael Saylor: „Bitcoin is a $250 billion solution“
MicroStrategy continues to purchase Bitcoin
Previously, on August 11, MicroStrategy invested $250 million in Bitcoin (21,454 BTC). When the price was in the $11,700 range.
It also channelled another $175 million into Bitcoin (16,796 BTC) on September 14. When the price of the currency fell to around $10,700.
Michael Saylor said the latest purchase is part of MicroStrategy’s cash reserve policy of avoiding inflation-prone cash from Bitcoin.
Interestingly, according to data from Bitcoin.Treasuries, MicroStrategy has more Bitcoin than any other public company. Next up is Galaxy Digital Holdings, led by Mike Novogratz. Then, Square, Jack Dorsey’s company.
As a result, MicroStrategy’s stock has skyrocketed 170%. That’s basically since Michael Saylor first hinted at the company’s interest in Bitcoin in July 2020.
It’s worth noting that recent institutional investments have been seen by many analysts as the cause of Bitcoin’s recent bull run.
Michael Saylor: Why will Bitcoin prevail over gold?
Coinbase facilitated the purchase of Bitcoin
According to an official announcement, Coinbase was selected as the lead execution partner for the $425 million purchase of Bitcoin from MicroStrategy.
In this regard, Brett Tejpaul, Coinbase’s Head of Institutional Sales, in a blog post, provided further details about the purchase. This is in line with the company’s goal of facilitating institutional purchases.
According to the post, MicroStrategy chose Coinbase because the platform provides a number of marketplace tools. Indeed, such as intelligent order routing and algorithmic trading tools.
In fact, Coinbase revealed that MicroStrategy’s initial $250 million investment was made through Coinbase Prime.
This was followed by an investment of $175 million. This brought MicroStrategy’s total investment to $425 million in Bitcoin.
True, MicroStrategy stated, „Investing in Bitcoin is part of the company’s new allocation strategy.
It is worth emphasizing, that Michael Saylor, has been outspoken about his support for Bitcoin, describing cryptomoney as „digital gold“. In addition, he assured that his company would store its Bitcoins for 100 years.
„Imagine a world where everyone uses something fair and equitable to resolve their economic difference.
In conclusion, it’s not surprising that MicroStrategy continues to buy Bitcoin – would it be a good investment? Leave your opinion in the comment box.
I close with this statement from Michael Saylor: „When you invest in Bitcoin, you always worry that you are not investing enough.