Bobos & Wojaks

Get Rich Or Die Tryin

MicroStrategy Has Paid Around $243 Million For Another 5,050 Bitcoins.

MicroStrategy has purchased an extra 5,050 bitcoins for $243 million, according to an official press statement.

According to CEO Michael Saylor’s Twitter tweet on Monday, the Virginia-based software company paid an average price of $48,099 for the latest bitcoins. MicroStrategy now owns 114,042 bitcoins for an average price of $27,713, totaling roughly $3.2 billion, he added.

As per CoinGecko, the price of bitcoin was around $44,450 as of 12:30 p.m. eastern time. According to the data, that amount was down 3.7 percent in the last 24 hours and 14.1 percent from seven days earlier.

 

The latest deal comes just a few weeks after MicroStrategy invested $177 million in cash at an average price of $45,294. According to Buy Bitcoin Worldwide data, the firm possessed 0.58 percent of the nearly 18.75 million bitcoins created to date, the biggest proportion of bitcoin ownership for a public company.

 

During the firm’s third quarter earnings call at the end of July, Saylor stated that the firm will continue to acquire and hold bitcoin, a digital asset he described as “the most compelling technical opportunity of the decade.”

 

“There will never be more than 21 million bitcoin, and we feel like there’s a land grab right now to acquire as much as you can,” At the time, Saylor added.At the time, Saylor added.

 

During the call, he also mentioned that big tech companies like Apple, Google, Facebook, and Amazon could earn $1 trillion in value simply by investing in bitcoin.

 

MicroStrategy has become a “bitcoin proxy” for investment products seeking exposure to blockchain due to the amount of bitcoin it holds. ETF.com’s crypto editor and analyst, Sumit Roy, recently stated.