Skip to main content

  • MicroStrategy’s appetite for Bitcoin remains high as ever as it has continued accumulating more of the cryptocurrency
  • The company’s executives have previously remarked that the company doesn’t intend to stop buying or to sell

The Virginia-based business intelligence firm on Tuesday revealed that it completed another bitcoin purchase worth 25 million across January. A filing with the US Securities and Exchange Commission showed that the NASDAQ-listed company acquired 660 bitcoins last month at an average price of $37,865 inclusive of additional expenses.

The January purchase is however significantly smaller than previous purchases the company has made. For context, the company bought 7,002 bitcoins between October and the end of November. Prior to that, it had made it’s a smaller purchase of 229 Bitcoin bought for roughly $10 million in May.

It further added a total of 1434 bitcoins acquired across two purchases between the end of November and December 9th to its treasury. The company, which also offers mobile software and cloud services, went on to complete another buy before the end of the year. This time, the acquisition involved 1,914 coins at an average price just north of $49,200.

MicroStrategy now holds a whooping 125,051 coins in its stash, translating to 0.66% of the total circulating supply. The trove is currently worth $4.834 billion at current BTC market price. Considering the company acquired the bitcoins at an average price of about $30,200 per bitcoin (a figure inclusive of other expenses incurred during the purchase), it has made a net gain of over $1 billion.

Exercising caution while ‘hodling’

Market experts theorise that MicroStrategy took a rather cautious approach in its latest Bitcoin purchases seeing as the crypto market posted heavy losses last month. The acquisition was, nonetheless, well-timed as it coincided with the ‘dip’ period.

MicroStrategy CEO Michael Saylor reiterated at the start of the year that the firm does not have immediate plans to sell any of the Bitcoin it holds. Last week, the company’s CFO Phong Le also remarked that the company will continue acquiring more Bitcoin.

In addition to MicroStrategy, the government of El Salvador led by Bitcoin-pro President Nayib Bukele, also ‘bought the dip’ last month. Bukele revealed that the country had added $420 bitcoins for an aggregate price of $15 million.

Bitcoin has continued range-trading between $38,200 and $38,700 over the last few hours according to CoinMarketCap. Its trading chart over the last 72 hours show that the pioneer crypto currency has seemingly found stability at this range. At the time of writing, Bitcoin was trading at $38,603.55, up 3.32% in the last 7-days.

Source link

Leave your vote

Blockchain Beat

Author Blockchain Beat

More posts by Blockchain Beat

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings


Log In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.