Microstrategy to Buy 301 Bitcoin Worth About $6 Million
Bitcoin’s (BTC) recent drop to $19K devastated many people. However, for many, the bear market helped build up investments. Casual investors mostly avoid the market when bears are establishing their holdings.
Institutional investors with a sizable holding usually go on to add to their coin holdings. MicroStrategy is a company that has consistently entered the market when the price plummets. The corporation went on to buy Bitcoin (BTC) to the tune of $6 million, making the most of the recent decline in BTC’s value.
The founder of MicroStrategy, Michael Saylor, tweeted about buying 301 Bitcoin recently.
According to the SEC, the company paid $6 million for 301 bitcoins. The bitcoin was worth $19,851 at the time of purchase.
Currently, the company holds about $3.98 billion worth of bitcoins. The average buy price of the company is $30,639 based on the sum spent on Bitcoin purchases. The acquisition took place between August 2nd, 2022, and September 19th, 2022.
MicroStrategy bought 660 Bitcoins in February. Surprisingly, MacroStrategy, a subsidiary of the parent firm, gained $205 million from Silvergate bank.
Saylor is seemingly staunch in his commitment to BTC, regardless of the volatility and apparent loss. The company’s long-term interests do not involve liquidating its cryptocurrency holding right now.