Breaking: MicroStrategy Bought The Bitcoin Dip With Additional $10M BTC Purchase

Republished By Plato

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MicroStrategy, the software solution giant has bought the Bitcoin dip with an additional $10 million purchase of 229 Bitcoins. The most recent purchase comes within a week of their last Bitcoin purchase announcement. The Fortune 500 company bought the latest dip at $43,663 per Bitcoin.

The company that pioneered the use of Bitcoin as a treasury hedge has been on a continuous buying spree ever since they started in August last year and holds a total of 92,079 Bitcoin with a total investment of $2.251 billion. The current value of their holding is about $4.15 billion that offers them a near $2 billion profit on their total investment.

MicroStrategy has purchased an additional 229 bitcoins for $10.0 million in cash at an average price of ~$43,663 per #bitcoin. As of 5/18/2021, we #hodl ~92,079 bitcoins acquired for ~$2.251 billion at an average price of ~24,450 per bitcoin. $MSTR https://t.co/fU6LN4WbKI

— Michael Saylor (@michael_saylor) May 18, 2021

Saylor has turned into a big-time Bitcoin proponent and often credited with bringing in several other Fortune 500 companies to the Bitcoin ecosystem. The firm started buying Bitcoin using treasury cash and convertible notes. The firm has made it clear that they would continue to invest in the top cryptocurrency as they believe it is a better inflation hedge than Gold and the US Dollar.

MicroStrategy Shows the way Amid Elon Musk Bitcoin Debacle

Saylor has also taken credit for bringing Elon Musk and Tesla into the Bitcoin after the electric car manufacturer purchased $1.5 billion worth of BTC a couple of months ago. However, Musk true to his reputation has gone ‘rouge’ within a quarter of making the biggest Bitcoin purchase. On May 12, Musk announced that Tesla would no longer accept Bitcoin as a payment for their cars, just a month after opening a Bitcoin payment gateway for US customers. He also reignited several debunked FUDs all at once especially the Environmental concerns regarding the mining of Bitcoin.

MicroStartegy announced a $15 million Bitcoin purchase just a day after Musk’s Twitter meltdown to prove their belief in Bitcoin. Saylor had also cleared air about potentially selling his share of BTC during a Twitter conversation where he said that he has no plans of selling his Bitcoin holdings.

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About Author

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.