Hassan Maishera
MicroStrategy Purchases Over 7,000 Bitcoins
Software company MicroStrategy announced yesterday that it had purchased an extra 7,002 bitcoins for a total of $414 million. MicroStrategy remains the corporate entity with the largest Bitcoin holdings in the world after investing billions of dollars in BTC.
The company said it bought the bitcoins at an average purchase price of $59,187 per coin. The cryptocurrencies were purchased in the current quarter. According to MicroStrategy, the company now holds over 121,000 bitcoins, spending $3.57 billion to acquire them
MicroStrategy has made huge profits from its cryptocurrency investments so far. The company’s total Bitcoin holdings are around $7 billion, a profit of more than $3 billion. Led by Michael Saylor, MicroStrategy remains the most bullish Bitcoin company in the world.
Saylor is a huge fan of Bitcoin and has maintained that MicroStrategy will only invest in Bitcoin at the moment. He is optimistic that Bitcoin’s value will increase over the coming years and wants his company to play a crucial role in the crypto space.
Bitcoin reached a new all-time high above $69,000 earlier this month. However, the leading cryptocurrency has been underperforming since then. Last week, BTC dropped below the $55k level for the first time in weeks as the global financial markets suffered following the discovery of the Omicron Covid variant.
The stock, crypto, forex and commodities markets all suffered huge losses towards the end of last week. However, the market has started to recover, and Bitcoin is now trading above the $58k level at the time of writing.
The leading cryptocurrency is down by more than 10% from its all-time high. However, market analysts and experts are optimistic that BTC’s price could soar towards the $100k level before the end of the year.
