Microstrategy purchased Bitcoin at the average all-time high price of Bitcoin (BTC) for $821 million in the last week.
Microstrategy, a Nasdaq-listed American business intelligence firm, is a popular company in the Bitcoin industry. This company has been buying Bitcoin since Aug 2020. To date, the company holds a net of 205,000 BTC. This company has no plan to sell its Bitcoin and also aims to add millions of Bitcoins to the balance sheet.
On 11 March 2024, Michael Saylor, the former CEO of Microstrategy, informed his followers that his company purchased 12,000 BTC for $821 million. The bitcoin buy rate for the company was $68,477 which means the company purchased these coins this week.
Now Microstrategy owns 205,000 BTC at an average trade price of $33,706. The current trade price of Bitcoin is $72k, so we can see that the company is in profit of 113%.
MicroStrategy has acquired an additional 12,000 BTC for ~$821.7M using proceeds from convertible notes & excess cash for ~$68,477 per #bitcoin. As of 3/10/24, $MSTR hodls 205,000 $BTC acquired for ~$6.91B at average price of $33,706 per bitcoin. https://t.co/YayyKtpz8d
— Michael Saylor
(@saylor) March 11, 2024
(@saylor)
Alternatively, we can say that Microstrategy is currently in $7 billion+ profit, which is a very big amount for this company.
Today Saylor appeared in an interview with CNBC and there he said that Bitcoin is a digital property, which is much better than Gold, equity, or real-estate assets.
#Bitcoin is Digital Property. It is superior to other investments such as Gold, Equity, or Real Estate because it is digital, available, global, ethical, & useful to millions of companies and billions of people. pic.twitter.com/738dblB0Zt
— Michael Saylor
This big amount of Bitcoin held by Microstrategy is now a very big catalytic factor to create peer pressure among other companies to join the Bitcoin journey.
These days, many insurance & savings companies have shown an inclination toward Bitcoin. Reportedly many companies & institutions are in due diligence to get approval to buy Bitcoin via Bitcoin spot ETF products.
These days, the majority of the fund managers in America are looking to get approval for Ethereum spot ETF applications. However, there is huge uncertainty around Ethereum spot ETF products approval chances but many people are expecting that Ethereum will bring the next level of money inflow in the Crypto sector because there are many use cases of Ethereum over Bitcoin.
Read also: Bitcoin hits new all time high $71.8k, heading toward $80k level
Microstrategy purchases an additional 12,000 BTC amid this Bitcoin bull run
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