September 24, 2021

MicroStrategy dismisses market uncertainty, buys another Bitcoin dip

1200 aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvN2I5MjA0NmUtODQ5NS00ZWNiLTkxZDMtMWUyMWE0MGVlYjRlLmpwZw

MicroStrategy, a software company that’s been making headlines for its aggressive Bitcoin purchases, has made another $10 million purchase after Thursday’s market uncertainty.

As announced by CEO Michael Saylor, the company purchased another 205 BTC at an average price of $48,888, spending $10 million in cash to do so. This puts the company’s total Bitcoin holdings at 91,064 BTC worth $4.3 billion. The total cost basis of the BTC is $2,196 billion with an average purchase price of $24,119.

MicroStrategy’s latest Bitcoin purchase is one of its many “symbolic” buys where the company puts a few more million in BTC after every dip. While the software company began putting its existing assets into BTC in 2020, back when Bitcoin traded around $10,000, its latest purchases have yet to break even.

The latest major purchase, funded by a bond offering of $900 million, was done at an average price of $52,700 per BTC. Bitcoin’s price has wavered ever since amid a worsening outlook for risk assets on Wall Street.

Thursday’s buy coincided with a period of heightened tension on markets, as Fed chair Jerome Powell signaled that bankers do not think current conditions require Title: MicroStrategy dismisses market uncertainty, buys another Bitcoin dip
Sourced From: cointelegraph.com/news/microstrategy-dismisses-market-uncertainty-buys-another-bitcoin-dip
Published Date: Fri, 05 Mar 2021 13:45:56 +0000