MicroStrategy Bought 660 More BTC Worth $25 Million

Microstrategy bought 660 more BTC worth $25 million as it continues with its frequent BTC purchases so let’s read further in our latest Bitcoin news.

The NASDAQ-listed company stayed true to its word to get more BTC no matter the market conditions. The company’s CEO announced the latest purchase was worth 425 million. Microstrategy bought 660 more BTC and Michael Saylor took it to Twitter to outline the acquisition made by the company which means that the average price of the transaction was $37,865.

MicroStrategy has purchased an additional 660 bitcoins for ~$25.0 million in cash at an average price of ~$37,865 per #bitcoin. As of 1/31/22 we #hodl ~125,051 bitcoins acquired for ~$3.78 billion at an average price of ~$30,200 per bitcoin. $MSTRhttps://t.co/bF6VImC0Qy

— Michael Saylor⚡️ (@saylor) February 1, 2022

It’s worth noting that the purchase came at the end of January as the stash exceeded 125,000 at the end of the month. The company spent $3.78 billion to buy its BTC stash at an average price of $30,200 per coin. The previous purchase happened in December last year when Microstrategy spent $94 million to buy 1914 coins. The price of the asset is $10,000 lower than it was a month ago, the company executives however still show a pro-bitcoin approach. Apart from Saylor who is a Bitcoin bull, the CFO of the company Phong Le also asserted that the company will keep on buying and holding BTC no matter what happens on the market in regards to the price action of the coin.

The NASDAQ-listed software giant will have a virtual event to educate large companies about the merits coming from using BTC on their balance sheets and more initiatives related to this cryptocurrency. Michael Saylor, the CEO of Microstrategy who is also a prominent BTC bull, announced that Microstrategy will host another conference for Bitcoin and large corporations that are interested in integrating it into their products, balance sheets, and services.

Saylor will be among the speakers and will be joined by Block’s CEO Jack Dorsey, Phong Le who is the CFO of Microstrategy, and Lolli’s Head of Communication Aubrey Strobel.  Bitcoin for Corporations will start at the beginning of February and will open with a Keynote speech from Dorsey and Saylor. Microstrategy was trying to avoid claiming BTC impairment losses which are able to shrink the company’s reported value. The software company did well in 2021 as the price of BTC went from $29,000 to $68,000. However, not everything seems that good. The US Securities and Exchange Commission rejected Microstrategy’s BTC accounting method which would have allowed it to avoid using an impairment for BTC.