MicroStrategy announces another $650 million purchase of Bitcoin
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Answer MicroStrategy announces another $650 million purchase of Bitcoin
We have already mentioned in Previous article on Arab Bitcoin MicroStrategy prepares to buy more bitcoin.
The company keeps its promise and buys more bitcoins.
The company announced earlier yesterday the purchase of 29,646 Bitcoin for approximately $650 million.
announce The news is Mr. Michael Saylor, founder and CEO of MicroStrategy.
MicroStrategy bought Bitcoin at an average price of $21,925.
Taking into account previous BTC purchases, the company’s total holdings grew to 70,470 bitcoins, or more than 0.335% of the estimated total of 21 million bitcoins.
The average bitcoin purchase bought by MicroStrategy is $15,964 per coin.
Read:This is why BTC price fell below $50,000
It is worth noting that MicroStrategy raised $650 million through convertible bonds that the company submitted last week and confirmed that it would use it to buy more bitcoin.
MicroStrategy has previously introduced a new treasury reserve policy in which bitcoin is the primary treasury reserve asset.
Saylor acknowledged this in his statement, saying that his recent bitcoin purchase is operating in accordance with this policy.
According to the latest MicroStrategy announcement:
The additional Bitcoin acquisition announced today reaffirms our belief that Bitcoin, as the most widely used cryptocurrency in the world, is a trusted store of value.
Interestingly, the price of Bitcoin yesterday briefly fell below $22,000.
As such, MicroStrategy can be said to have taken advantage of this opportunity to buy into the dip.
But this is not certain because similar large transactions usually take longer to process.
One of the company’s previous purchases, which was worth $250 million, took almost 5 days and Coinbase stepped in and facilitated the process.
Despite the uncertainty experienced by the global markets, including the crypto market, it seems that the “MicroStrategy” announcement has affected the price of Bitcoin and pumped the price by nearly $1,000 in a few minutes.
Read:Tesla’s statement for the fourth quarter of 2021 shows the company’s holdings of Bitcoin
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Why do most people rush to buy Bitcoin at a higher price and not when it is low?
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