MicroStrategy Acquires $490m Worth of Bitcoin, now Holds Over 105,000 Total

The world’s largest publicly traded business intelligence company, MicroStrategy Incorporated has announced that it had purchased an additional $490 million worth of bitcoin ( approximately 13,005 bitcoins). According to an announcement, it was purchased in cash at an average price of approximately $37,617 per bitcoin, inclusive of fees and expenses.

As of today, MicroStrategy holds an aggregate of approximately 105,085 Bitcoins, which were acquired at an aggregate purchase price of approximately $2.741 billion and an average purchase price of approximately $26,080 per Bitcoin. MacroStrategy LLC, a subsidiary of MicroStrategy, holds approximately 92,079 of the bitcoins.

This is no surprise as the CEO of MicroStrategy Michael Saylor has been a big believer in cryptocurrency, especially Bitcoin. Recall that last week, the CEO announced the company’s intentions to raise $1 billion through sales of up to $1 billion of its Class A Common stock over time.

This will he indicated will be used to acquire bitcoins. Before then, the firm had raised approximately $900 million in which so far has gone to the purchase of Bitcoin. An additional $1billion is a significant boost to the confidence of holders.

He announced a week later on Twitter the company has successfully acquired the Bitcoin it intended on buying.

This is good news for many interests within the bitcoin circles but the prospects of the digital coin have not been significantly influenced. As of today, bitcoin is trading at $32,400, down 4.32% for the day.

It may still be suffering from a selling frenzy which drove down crypto prices recently. Analysts believed that this might been been prompted by former American President, Donald Trump’s latest remarks on Bitcoin. He described Bitcoin as a scam in an interview with Fox news some days before.

That was a second of its recent biggest blows. The first was owing to a tweetstorm by Tesla CEO and the world’s second-richest man, Elon Musk. Bitcoin dipped by up to 3.4% and was trading at about $37,000 a few hours following Musk’s cryptic tweet.