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MicroStrategy acquires 262 Bitcoins for $15 Million

MicroStrategy acquires 262 Bitcoins for $15 Million

MicroStrategy advocates the acquisition of 262 Bitcoins on Friday. The investment is worth $15 million. Michael Saylor, CEO of MicroStrategy, declared coins’ addition in the morning hours via Twitter. After purchasing 262 BTCs, the average value of the total 91K BTC aggregates to $24K per coin. Currently, on March 5, the company funded $10 million in cash to acquire 205 BTC. MicroStrategy added another acquisition of $15 million worth of Bitcoin in a Form 8-K Security and Exchange Commission filing in another seven days. 

Like Saylor’s earlier tweets, the CEO demonstrated how much MicroStrategy bought, the price the company spent, the number of Bitcoin the company now holds, and the firm’s average price per coin utilizing the strategy. However, Michael Saylor has always been a proponent of digital currencies, and especially Bitcoin. The CEO even designed a conference named “Bitcoin for corporations” on February 4. The conference intended to draw more institutional investments. Saylor elucidated that he held the conference by “popular demand” after receiving so many inquiries from fellow CEO’s about his company’s Bitcoin purchases.

MicroStrategy close to reaching 100,000 Bitcoin

According to Michael Saylor, after stating in February that Bitcoin would be a $100 trillion asset, Bitcoin is still in an accumulation phase. The investment by MicroStrategy is the latest investment for Bitcoin. While this one is less important than the $1 billion investment on February 24, it conveys a clear message that the bull market has only just started. Saylor started purchasing Bitcoin in August. Other Silicon Valley companies have followed the move, involving Tesla.

Holding more than 91,000 Bitcoins totaling over $5.1 billion worth, with each BTC at an aggregate of $24,214, designates that the total value is $2.2 billion. MicroStrategy’s balance sheet shows 91,326 bitcoin, which indicates that it is 8,674 BTC away from reaching 100,000 BTC. Recently, Bitcoin is trading at $56,664. Despite MicroStrategy’s announcement, Bitcoin has slipped to a low of $55,011 per unit losing over 2.7%. The maximum value to which it surged this month is $58,350.  

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