Microstrategy

Microstrategy Buys Bitcoin Worth Over $1 billion

Microstrategy just announced the additional purchase of “19,452 bitcoins for approximately $1.026 billion in cash at an average price of approximately $52,765 per bitcoin, inclusive of fees and expenses.” This was made known through a press statement released by the leading intelligence company.

The current purchase brings the firm’s total Bitcoin holding to 90,531 bitcoins, which is worth $2.171 billion. This new purchase follows an earlier attempt by Microstrategy to raise $900 billion to buy more of the leading crypto asset.

Michael Saylor, the firm’s CEO, said that “the company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding Bitcoin.” He also went on to add that by holding over 90,000 units of the asset, Microstrategy has reiterated its “belief that bitcoin, as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value.”

Saylor mentioned that the firm was going to continue 

acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin.

This purchase comes right on the heels of Square’s additional $170 million purchase of the crypto king. The investment by these two top institutions show that institutional interest in the crypto industry is not waning, instead, we are likely going to witness more investments in the space.

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