MicroStrategy again buys $489 million BTC
2 min readTL;DR Breakdown
- MicroStrategy again buys more BTC
- Firm now has over 1,000 BTC
Business intelligence and software firm MicroStrategy has shocked the world again after it announced on Monday that it had bought an additional 13,005 Bitcoins for around $489 million in cash.
The recent purchase by the firm brings their total BTC stash to over 100,000 BTC. Consequently, the firm now holds 0.5 percent of all bitcoins ever to exist.
Today’s BTC purchase by MicroStrategy comes after it completed its $500 million offering of secured notes last week. MicroStrategy CEO explained that the coins in the recent purchase were purchased at an average price of $37,617.
105, 085 BTC since August 2020
The NASDAQ-listed firm purchased its first stash in August 2020 and since then has accumulated 105,085 BTC on its balance sheet.
Reportedly, the aggregate purchase price of these bitcoins is around $2.75 billion, at an average purchase price of about $26,080 per BTC. In addition, another subsidiary of the firm, MacroStrategy, also has bought about 92,079 of Bitcoins.
Beyond BTC, MicroStrategy intensify BTC effort
Beyond investing in BTC, the firm and its CEO, Saylor has also engaged in multiple other pro-BTC endeavors. For example, the firm hosted an online BTC conference for executives from large corporations, aiming to outline the benefits of investing in the primary cryptocurrency.
The software firm has also made BTC its treasury reserve asset and started paying non-employee directors in BTC instead of cash.
Additionally, Saylor launched a course of its own for retail investors and has used every opportunity to praise the cryptocurrency on traditional media.
Lastly, he chaired a meeting where Elon Musk was present alongside BTC miners to chart how renewable energy would become the source of powering BTC mining activities after environmental concerns were raised on mining activities.
They all agreed eventually to see how renewable energy sources across the world would power mining activities of the foremost cryptocurrency.
