MicroStrategy continues the Bitcoin shopping for frenzy

Business intelligence firm MicroStrategy announced yesterday that it had bought $ 15 million in Bitcoin

MicroStrategy, which is listed on the Nasdaq, recently completed a Bitcoin purchase worth $ 15 million. This final acquisition comes just three weeks after the company announced it bought bitcoin for the same value in the second week of March. At the time, the company’s Bitcoin inventory was 91,326 units, which is roughly $ 5.26 billion based on the price of Bitcoin when the company made the purchase.

The April purchase includes an additional 253 bitcoins, which were purchased at an average price of approximately $ 59,339, according to the SEC filing published yesterday. The average price is around $ 1,600 below Bitcoin’s record high. The secret service company, led by Michael Saylor, has made it clear through several successive purchases of the leading crypto that Bitcoin is the most important treasury reserve.

MicroStrategy made its first acquisition in August last year and continues to amass more of the flagship cryptocurrency. Saylor first invested $ 550 million in Bitcoin – a move that resulted in the company’s cash reserve being depleted at the time. He continued to use the company’s $ 650 million corporate bonds to make another Bitcoin purchase before the end of last year.

The Virginia-based company completed a bitcoin purchase of around 19,452 BTC for $ 1.026 billion in the last week of February.

Commenting on the acquisition at the time, Saylor said: “The company continues to focus on our two corporate strategies of growing the business analytics software business and acquiring and holding Bitcoin. [MicroStrategy] There are now over 90,000 Bitcoins, which confirms our belief that Bitcoin, the world’s most widely used cryptocurrency, can serve as a reliable store of value. “

After yesterday’s purchase, the company now has 91,579 bitcoins.

“MicroStrategy bought an additional ~ 253 bitcoins for $ 15.0 million in cash at an average price of ~ $ 59,339 per #Bitcoin. As of April 5th, 2021, we have purchased ~ 91,579 Bitcoins for ~ 2.226 billion USD at an average price of ~ 24,311 USD per Bitcoin, ”said Saylor on Twitter.

At the current BTC price of $ 58,665, MicroStrategy’s total Bitcoin holdings are nearly $ 5.4 billion. This is more than double the amount the company spent on the purchase. Saylor remains optimistic that the price of Bitcoin will continue to rise and believes that the crypto asset is a good investment option for any business.

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