MicroStrategy disclosed earlier today the acquisition of more bitcoin. The number of tokens was worth over 400 million US dollars at the moment of the purchase.
Michael Saylor, the CEO of MicroStrategy, gave the news via Twitter in the morning. The firm bought 13,005 tokens of the most famous digital currency and paid about $37,617 per bitcoin. The total amount spent for the investment was $489 million in cash, and the company now holds 105,085 of the virtual asset.
“MicroStrategy has purchased an additional 13,005 bitcoins for ~$489 million in cash at an average price of ~$37,617 per bitcoin. As of 6/21/21 we #hodl ~105,085 bitcoins acquired for ~$2.741 billion at an average price of ~$26,080 per bitcoin. $MSTR.”
MicroStrategy was the first publicly listed company that began investments in bitcoin in 2020. Many more firms followed and implemented bitcoin in their balance sheets. The company didn’t stop and made another purchase of 295 BTC in February, and its last investment was made just a few weeks ago.
According to an SEC filing, MicroStrategy acquired the digital currency at $43,663 per token. The total value of the purchase amounted to 10 million dollars. The firm is following the company’s policy of regularly acquiring bitcoin. This is its way of protecting treasury reserves from the inflation that is surging due to the pandemic.
Michael Saylor is known as one of the top supporters of Bitcoin in the industry. He was also one of the main participants of the Bitcoin Mining Council that was gathered last week. He believes that currently, the biggest threats come from the media’s negative headlines about mining. There is a high chance that they can influence political developments. According to Saylor, these threats can be managed with the help of larger and more influential institutions, companies, and exchanges.
“You could be a maximalist and say ‘I’m against organization’ as a matter of philosophy, but if you get sued by a multibillionaire that wants to sue an individual Bitcoin developer and you get buried in $10 million in legal fees, you’ll be wishing that there was an organized legal defense fund for you…basically, we can’t expect to succeed if we’re disorganized.”Michael Saylor