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MicroStrategy Just Bought Another 19,452 Bitcoins

MicroStrategy buys bitcoin

After raising US$1 billion through a debt offering, MicroStrategy immediately went into a buying spree and ended up with 19,452 Bitcoins. The average price per Bitcoin purchased is $52,765.

Together with MicroStrategy’s previous Bitcoin purchases, the company now holds a total of 90,531 Bitcoins. At today’s price of around US$50,000 per BTC, this is worth roughly US$4.5 billion.

This latest purchase fortifies MicroStrategy as the leading known public listed company to invest a substantial part of its corporate treasury into Bitcoin. Tesla follows behind with their recent announcement of US$1.5 billion worth of Bitcoin in January 2021.

Just a day before, longtime proponent of Bitcoin Jack Dorsey’s Square announced in a filing that it had purchased an additional $170 million worth of Bitcoin. Across the Atlantic, a German public listed firm, SynBiotic SE, has also followed Tesla and MicroStrategy’s footsteps.

MicroStrategy’s huge allocation into Bitcoin has made it to be a proxy to Bitcoin as an investment vehicle. Right after MicroStrategy’s announcement on its Bitcoin purchase, its share price popped above 10% from the day before. It seems that investors are favoring Saylor’s strategy to allocate corporate cash to Bitcoin.

As more and more companies hoard Bitcoin and with HODLers HODLing, it would be inevitable for Bitcoin price to move upwards. This time the rally is different from the one in 2017. Back then, there is no MicroStrategy, no Tesla and most wall street bankers were scorning Bitcoin.

The picture is vastly different today.

[ Read more: MicroStrategy To Buy More Bitcoin with Debt ]

[ Read more: MicroStrategy Share Price Rides on Tesla’s Investment into Bitcoin ]

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