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MicroStrategy, one of the first institutional investors that stepped into the Bitcoin market. Amid the global pandemic, the firm began to acquire the asset and showed its bullish stance. Over the period, at several points the business intelligence company acquired the flagship cryptocurrency. Although the year remained turbulent for the crypto coin, Michael Saylor, the CEO of the firm continued to purchase the dip. Simultaneously, Saylor has again made a purchase of 1,914 BTC worth $94.2 million.
MicroStrategy is hodling about 124,391 Bitcoins
MicroStrategy CEO has announced that the firm has purchased 1,914 BTC for about $94.2 million. Notably, the firm has made the complete payment for the assets in cash. According to a statement released officially, Saylor has paid an average price of $49,229 for each Bitcoin.
In the current scenario, the firm holds more than 124,390 BTC. Noting the total investment and the current price of the asset, it is revealed that each of the coins have been bought for an average price of $30,159.
Bitcoin purchase with shares sale
MicroStrategy, the 32-year old business intelligence firm, has a total market capitalization of more than $6 billion. In the third quarter of this year the firm sold some of its shares. Meanwhile, with the sale of the shares Saylor added about 9,000 BTC to its holdings. However, the purchase was not made at once, like always, Saylor amassed Bitcoins on an average of 3k each month. And in the current scenario, Bitcoin acquisition has become MicroStrategy’s second mandate.
Bitcoin price performance
Bitcoin has seen bad days after hitting a new all-time high above $69k. Since then the price of the token is trying to hold a position but has lost momentum. At press time, Bitcoin is trading at the price level of $47,253. Although over the past 24 hours the price is up by more than 1%, it is still down by more than 7% over the past seven days. Still, Bitcoiners continue to hodl the cryptocurrency. Many analysts do believe that the coin would hit the benchmark level of $100k by the end of the next year.
