Business intelligence company, MicroStrategy announced today that it has acquired an additional $10 million worth of Bitcoin (BTC), bringing the company’s total bitcoin holdings to approximately 70,784 bitcoins.
The latest purchase was done at an average price of approximately $31,808 per bitcoin, suggesting that the company took advantage of the recent dip in BTC prices to increase its exposure.
MicroStrategy has purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin. We now hold approximately 70,784 bitcoins.https://t.co/zMJSH29bmC
— Michael Saylor (@michael_saylor) January 22, 2021
Combined with data on BitcoinTreasuries.org, MicroStrategy has now spent $1.135 billion on its BTC purchasing spree that started in August. Going by the current market price, MicroStrategy’s Bitcoin haul is worth appr. $2.278 billion, representing an over 100% increase on their cost basis.
In October, MicroStrategy CEO Michael Saylor also disclosed that he personally holds 17,732 BTC acquired at an average price of $9,882.
Bitcoin Rebounds From Below $30,000
After a stellar start to the year, a round of profit-taking and negative media reports has caused the price of Bitcoin to dip in the last few days. In the last 24 hours, BTC dipped to as low as $28,790 on Coinbase, before bouncing on a strong support line.
At the time of writing, Bitcoin bulls are pushing hard on the path to recovery, buying the cryptocurrency back up to a price of $32,580 and above a $600 billion market cap. A break back above $35,000 would signal a full recovery, and that that the short-term sell-off has found its bottom.
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Author: Wilfred Michael