Microstrategy

MicroStrategy Buys More Bitcoin

The CEO of MicroStrategy, Michael Saylor in a tweet today revealed that his firm has purchased additional Bitcoin with their cash reserves. According to Saylor, MicroStrategy purchased another 262 units of Bitcoin at $57,146 which is cumulatively $15 million.

With this purchase, Microstrategy now holds 91,326 units of Bitcoin and it is worth over $2 billion. The firm’s most recent purchase happened less than a week  ago when it announced that it bought $10 million worth of the asset.

While some analysts have labeled its purchasing method as irresponsible, the intelligence firm has maintained that it would continue to buy the BTC as it sees it as a veritable option of hedging against inflation.

Notably, the Saylor led firm has continued to pile up its holdings of the “digital gold” despite its value plummeting in recent times. Though the price of the asset has now begun to rise, other firms like Square, Tesla, BNY Mellon and a host of others have also had a go at the industry.

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