Microstrategy added another $15 million of Bitcoin to its portfolio according to the announcement that we have in our latest Bitcoin news today.
The company’s CEO Michael Saylor announced this morning that his company purchased 253 BTC and brought its total holdings to about 91,579 BTC. In the tweet, Saylor said that the company’s latest purchase was an average cost of $59,339 BTC which is $1600 below the ATH of the coin. While the BTC prices are hovering around the $59,000 mark at the time of buying, Microstrategy added another $15 million in Bitcoin and has current holdings of more than $52 billion dollars. Since the first BTC purchase in August, Saylor remained bullish on his bet and when the $550 million cash reserve ran dry from buying BTC, he raised at $650 million corpora bond to purchase even more. Last month, the company raised another $1.05 billion in bonds for the BTC offers.
With the low corporate interest rates, Saylor stated that he will prefer to issue debt and purchase BTC now. He also disclosed that has a person holding that is worth more than $1 billion. He said:
“The Company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin. We] now hold over 90,000 bitcoins, reaffirming our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value. We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin.”
After the 50% drop in stock prices from the recent highs, Microstrategy’s stock reversed from the downtrend alongside the NASDAQ composite. The shares traded at $720.55 into the market close.
As reported previously, Microstrategy and its head Michael Saylor became synonymous with BTC and were responsible for kicking off the entire treasury reserve trend that is going on since then. As a result of the innovative and risky move, the company’s shares skyrocketed to revisit dot.com bubble resistance levels. However, the rejection led to a volatile market, and now Microstrategy hangs by the ropes amidst the recent selloff, which suggests that things could go worse.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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