MicroStrategy to Buy More BTC as Its Stock Price Rises By 113%

MicroStrategy to buy more BTC as its stock price rises by 113%

TL;DR Breakdown

  • MicroStrategy would continue to invest in Bitcoin.
  • The company owns over 70,000BTCs presently.

MicroStrategy CEO, Micheal Saylor, has reiterated his firm’s desire to continue to buy Bitcoin regardless of the drop in the crypto asset price. This was made known in a Q4 2020 financial report of the firm where he said that the firm would continue to invest its excess cash flow in BTC.

MicroStrategy is Bitcoin’s early adopters.

According to Micheal Saylor, his firm believes that the asset is the first proper digital monetary network. He added that their strategy did not depend on selling the asset’s units high and buying back more of it for a lower price.

He stated that Bitcoin is a better safe-haven than the leading precious metal and that there is no reason why the digital asset cannot replace gold as a non-sovereign store of wealth. Saylor also said that until a more robust and better viable asset comes into play, his firm will continue to invest in BTC.

Phone Le, the president of MicroStrategy, corroborated Micheal Saylor’s view when he said that the firm remains committed to holding the crypto asset in the future and exploring how to gather more the digital coin.

MicroStrategy purchase of Bitcoin

One of the highest holders of BTC in the world is MicroStrategy. The firm currently sits on over 70,000 BTC that is worth well over a billion-dollar.

The firm had made significant bulk purchases like a $650 million acquisition after purchasing 21,000 BTC for $250 million. Towards the end of last year, the company also purchased over 2000 BTCs taking it high up the ranking among the crypto asset’s highest holders.

MicroStrategy is still behind Grayscale mammoth investment in Bitcoin. Grayscale investment company has over 3% of all units of the leading cryptocurrency. The investment company has over $27 billion in assets under management.

 

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