MicroStrategy Invests $10Mln In Bitcoin - Enjoying The Dip.

MicroStrategy Invests $10Mln In Bitcoin - Enjoying The Dip.

2021-05-18 | Mike Hallen

MicroStrategy Invests $10Mln In Bitcoin - Enjoying The Dip.

Publicly traded business intelligence firm MicroStrategy is making the foremost of the downturn in Bitcoin [BTC, -2.58%] prices, purchasing another 229 BTC for $10 Mln in cash. Revealed by CEO Michael Saylor on Twitter and within an official SEC filing earlier on Tuesday, the firm purchased the cryptocurrency at a mean price of $43,663 USD per bitcoin. The purchase means MicroStrategy now holds 92,079 BTC bought for a complete sum of $2.251 Bln at a mean price of roughly $24,450 USD per bitcoin. That means the firm has doubled its money since it started investing within the cryptocurrency, with the entire holdings now being worth $4.150 Bln, consistent with present market price calculations. Solely five days ago, Saylor announced the acquisition of 271 BTC for $15 Mln. The company features a policy of regularly purchasing bitcoin for its treasury reserves as a hedge against USD inflation. At the reporting time, bitcoin is presently trading at a price of around $43,895 USD.

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