Michael Saylor announced MicroStrategy’s purchase of an additional $ 15 million worth of Bitcoin, and it just took advantage of the recent market correction to increase its BTC holdings.
MicroStrategy’s Bitcoin buying speed shows no signs of slowing down, after CEO Michael Saylor announced the purchase of another 328 BTC on Monday (March 1). MicroStrategy’s additional Bitcoin purchases are cashed out, at a cost of about $ 15 million. Equivalent to the average price of each BTC of $ 45,710 at the time of purchase.
This investment has brought MicroStrategy’s total BTC holdings to VND 90,859 (worth about $ 4.3 billion at present). Essentially, MicroStrategy’s DCA for the past 5 months for each Bitcoin was $ 24,063, Saylor tweeted:
“MicroStrategy bought an additional 328 bitcoins for $ 15 million in cash, for an average price of $ 45,710 per bitcoin. As of March 1, 2021, we have bought and held 90,859 bitcoins equal to $ 2,186 billion, the average price per bitcoin is $ 24,063.
MicroStrategy for the first time bought Bitcoin in August 2020 when it invested $ 250 million to buy 21,454 BTC. They continue to buy more Bitcoin at various times in late 2020. As of the beginning of the year, they have amassed more than 70,000 BTC.
In February, the business intelligence firm announced that it would raise an additional $ 900 million to buy more Bitcoin. However, the proceeds eventually exceeded $ 1 billion, after which they bought another 19,452 BTC on February 24.
MicroStrategy’s total cost of investing in Bitcoin is $ 2.18 billion, while the current Bitcoin price will value the company’s holdings at $ 4.3 billion, meaning they’ll make more than $ 2 billion. for 5 months if sold at the present time. However, there is little reason to suggest that this will happen anytime soon. Saylor previously said that buying Bitcoin was one of the two goals of the company, along with growing its analytics software business.