2 November 2024
MicroStrategy Invests More In Bitcoin During Dip
MicroStrategy has leveled up its bitcoin holdings by making an additional purchase of the asset. As per the latest announcement made by MicroStrategy, it has acquired $10 million worth of bitcoin which means they roughly paid $31,808 per coin on average.
During the bull market, the firm managed to gain profits from its earlier holdings. When BTC was just $13,000 the firm earned $100 million in two months from their Bitcoin purchases. MicroStrategy has also increased its primary treasury reserve asset in the market The CEO of MicroStrategy, Michael Saylor said “Given its gains, perhaps MicroStrategy is now taking advantage of the recent dip in prices, following Bitcoin’s correction, only to increase its holdings.”
Currently, the firm owns 70,784 coins that are worth over $1.13 billion, in its treasury reserve. According to Bitcoin Treasuries, MicroStrategy becomes the largest holder of the asset in a list of other corporations that invested in BTC.
At the time of writing, Bitcoin is trading at $32,318.
MicroStrategy is the first publicly-traded company to invest significant treasury assets in Bitcoin, or at least that is what the company claims.
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