MicroStrategy, the business intelligence company, has bought 2,574 Bitcoins at $ 19,427 each, for a total of $ 50 million. Sure enough, MicroStrategy CEO Michael Saylor confirmed the third purchase.
Specifically, Michael Saylor bought 2,574 Bitcoins for $ 50 million in cash. Which raised the company’s treasury holdings, approximately 40,824 Bitcoins.
MicroStrategy keeps buying Bitcoin
Previously, on August 11, MicroStrategy invested $ 250 million in Bitcoin (21,454 BTC). When the price was in the range of $ 11,700.
Also, on September 14, it funneled another $ 175 million into Bitcoin (16,796 BTC). When the price of the coin dropped to about $ 10,700.
In this regard, Michael Saylor said that the latest purchase is part of MicroStrategy’s treasury reserve policy of avoiding inflation-prone cash for Bitcoin.
As a fun fact, according to data from Bitcoin.Treasuries, MicroStrategy has more Bitcoin than any other public company. It is followed by Galaxy Digital Holdings, led by Mike Novogratz. Later, Square, Jack Dorsey’s company.
As a result, MicroStrategy shares have soared 170%. Basically, since Michael Saylor, in July 2020, first hinted at the company’s interest in Bitcoin.
It should be noted that recent institutional investments have been considered by many analysts as the cause of the recent bull run on Bitcoin.
Coinbase made it easy to buy Bitcoin
According to an official announcement, Coinbase was selected as the lead execution partner for the purchase of Bitcoin for $ 425 million from MicroStrategy.
To this end, Brett Tejpaul, Coinbase’s head of institutional sales, in a blog post, provided more details about the purchase. Thus, as the objective of the company to facilitate institutional purchases.
According to the post, MicroStrategy chose Coinbase because the platform provides a number of market tools. Indeed, such as intelligent order routing and algorithmic trading tools.
In fact, Coinbase revealed that MicroStrategy’s initial investment of $ 250 million was made through Coinbase Prime.
This was followed by an investment of 175 million dollars. Which brought MicroStrategy’s total investment to $ 425 million in Bitcoin.
It is true that MicroStrategy stated: “Investing in Bitcoin is part of the company’s new allocation strategy”.
It should be emphasized that Michael Saylor has been frank about his support for Bitcoin, describing the cryptocurrency as “digital gold”. Also, ensuring that your company would store your Bitcoins for 100 years.
“Imagine a world in which everyone uses something fair and equitable to solve their economic difference”.
To conclude, it is no wonder that MicroStrategy continues to buy Bitcoin. Would it be a good investment? Leave us your opinion in the comment box.
I close with this phrase by Michael Saylor: “When you invest in Bitcoin, you always have the concern that you are not investing enough”.