MicroStrategy Remains Bullish, Buys Another $50 Million In BTC

Microstrategy remains bullish as it purchased an additional $50 million in BTC and now owns about $765 million worth of it. In our bitcoin news today, we are reading all about it.

According to the SEC Filings that we have today, the business intelligence company Microstrategy remains bullish as it purchased 2,754 BTC at $19, 427 each, amounting to a total of $50 million. CEO Michael Saylor confirmed the purchase on Twitter. The company invested about $250 million in  BTC back in august when the coin was in the $11,700 range. It then added another $175 million into BTC in September when the price for a token was trading around $10,700.

MicroStrategy has purchased approximately 2,574 bitcoins for $50.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $19,427 per bitcoin. We now hold approximately 40,824 bitcoins.https://t.co/nwZcM9zAXZ

— Michael Saylor (@michael_saylor) December 4, 2020

The price of the benchmark cryptocurrency has increased considerably since then and just this week it hit a new all-time high near the $20,000  price point so Microstrategy hurried to get another batch of it. With the most recent purchase, the company holds about 40,824 BTC worth more than $765 million at current rates while at the time of investment, they were worth $475 million. Microstrategy holds more BTC than any other public company according to the data from Bitcoin Treasuries. Galaxy Digital Holdings run by Mike Novogratz owns about 16,651 BTC while Jack Dorsey’s Square has 4,709 BTC in its books.

As Recently reported, Despite the worries in the crypto space, the Microstrategy CEO denied that he will be selling BTC on short-notice. The confusion about what Saylor’s plan is with the company’s holdings, in an interview he stressed how liquid bitcoin is as an investment. Saylor said that the report added that he will not hesitate to liquidate the holdings if better opportunities were to come up, such as the jump in bond yields. After the interview, Saylor was paraphrased by other crypto news outlets as he was saying that his company will liquidate the $200 million in Bitcoin implying that he is not the long-term holder that many think he is and that he stands ready to sell the moment’s notice. However, Saylor himself pushed back at this narrative saying on Twitter that the headline is a quite big misrepresentation.

Also, speaking of the facilitating of the BTC purchase, The leading US-based exchange Coinbase was involved in the Microstrategy purchase of $425 million worth of BTC and the platform also pledged to help other bigger companies to diversify their portfolios in BTC in the near future as well.