Key Takeaways
- MicroStrategy purchases an additional 5,050 BTC into its BTC portfolio
- The total cost of purchase was $243 million
- MicroStrategy intends to hold BTC long-term
MicroStrategy CEO Michael Saylor confirmed this purchase and shared the information on Twitter.
According to Saylor, the total coins purchased was 5,050BTC at an average price of $48,099 per BTC.
All the information relating to this transaction is detailed in this document filed with the Securities and Exchange Commission (SEC).
This latest development comes three weeks after the investment company purchased $177 million worth of BTC.
Additionally, data from the Bitcoin Treasuries website revealed that MicroStrategy currently holds about 114,052, with the total amount spent hitting $3 billion.
At the time of writing, the MicroStrategy Bitcoin portfolio has recorded a gain of about 40%, making it a successful investment for the US-based company.
MicroStrategy only started purchasing Bitcoins towards the end of 2020 but has continued to add more BTC at regular intervals.
Since July 1, MicroStrategy has made a few purchases of BTC to the tune of $420 million and at an average price of $46,975.
The company believes that the long-term holding of Bitcoin is an ideal investment.
CEO Michael Saylor also stated in a tweet about needing to be patient and consistent to win the race.
So we can assume that he means that the company is ready to play the long game and hold BTC until it hits unprecedented levels.
Bitcoin holds its own at the top of the coin rankings and dominates 41% of the total market capitalization.
More institutions have shown interest in the leading currency, and El Salvador’s adoption of the coin has also increased the profile of the digital asset.
What are your thoughts on this major BTC purchase by MicroStrategy?
