MicroStrategy purchases more bitcoin worth $10 million 


Publicly-traded MicroStrategy announced Tuesday that it had purchased an additional 295 bitcoin for $10 million in cash.

This brings MicroStrategy's total bitcoin holdings to 71,079 bitcoin, worth about $2.5 billion at current prices.

The company's bitcoin bet appears to have paid off well so far. MicroStrategy acquired these bitcoins at an aggregate price of around $1.15 billion, or at an average price of around $16,109 per bitcoin. Currently, bitcoin's price is trading at around $34,850.

Just less than two weeks ago, MicroStrategy bought bitcoin worth $10 million. Last week, the Nasdaq-listed company said it wants to acquire more bitcoin and that it is exploring alternative avenues for doing so.

MicroStrategy began purchasing bitcoin in August last year. At the time, the company's CEO Michael Saylor said, bitcoin investments are aimed at maximizing long-term value for shareholders.

Later, in an interview with The Block, Saylor said bitcoin is the "best money ever created." He compared bitcoin to gold and the U.S. dollar and said the cryptocurrency is a superior asset for a treasury given that it is not deflationary by design.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC