MicroStrategy Adds To Its Bitcoin Stash With A Purchase Of 29,646 BTC For A Total Of $650 Million
MicroStrategy Adds To Its Bitcoin Stash With A Purchase Of 29,646 BTC For A Total Of $650 Million
December 22, 2020
MicroStrategy Adds To Its Bitcoin Stash With A Purchase Of 29,646 BTC For A Total Of $650 Million
MicroStrategy Adds To Its Bitcoin Stash With A Purchase Of 29,646 BTC For A Total Of $650 Million
December 22, 2020

MicroStrategy, the business intelligence company, has added to its Bitcoin (BTC) stash with a purchase of 29,646 BTC for a total of $650 million, an average of around $21,925 per Bitcoin.

It has been reported that Michael Saylor, the CEO of MicroStrategy, tweeted the news immediately following a pullback in price to $22,247, although it is unclear whether the acquisition coincided with this event.

However, MicroStrategy announced its intention to buy more Bitcoin earlier this month with a $400 million debt security sale to raise funds for the purchase. The bond sale ultimately brought in $650 million, which has now been used to buy Bitcoin as promised.

The report said that the company is now holding a total of 70,470 BTC, bought at an average price per Bitcoin of $15,964, as this makes it the fifth-largest individual HODLer of Bitcoin, one place ahead of the United States government, which reportedly owns 69,420 BTC.

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Also, MicroStrategy started its Bitcoin journey in August with a purchase of 21,000 BTC for $250 million. At the time, the company stated that its intention was to adopt Bitcoin as its primary reserve currency as a hedge against U.S. dollar inflation.

This was followed by further purchases, including a $425 million acquisition in September, which was carried out through Coinbase’s over-the-counter desk.

Thus, Saylor encouraged fellow billionaire Elon Musk to follow his lead and use BTC to replace the US dollar as Tesla’s primary reserve currency. 

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.