Known software firm and institutional bitcoin investing company MicroStrategy has just purchased more than 5,000 additional units of bitcoin for a whopping $242.9 million. At the time of writing, the company – following this recent purchase – owns close to $6 billion in BTC, the world’s leading digital currency by market cap.
MicroStrategy Just Keeps Buying Bitcoin
In a filing documented earlier this week, it was recorded that MicroStrategy purchased as many as 5,050 separate units of bitcoin at an average price of about $48,099. Already, this move is coming back to bite MicroStrategy in the butt. The company is so adamant to purchase more bitcoin that it is often losing money on its investments. For example, the asset has since fallen by close to $5,000 since the enterprise engaged in this recent purchase. Thus, that $242 million has since fallen by quite a bit.
Still, MicroStrategy has not shown any inclination that it is bothered by this recent maneuver, and to an extent, we need to respect the firm and its executives for that. MicroStrategy has arguably proven itself to be the biggest bitcoin fan out there. The company first began purchasing the asset in August of 2020 – just over one year ago – to much speculation, as at the time, it was extremely rare for a business – especially one of MicroStrategy’s size and standing – to engage in crypto investments and trades.
Nevertheless, the firm did not allow people’s opinions to get in the way of its digital currency plans. The company purchased roughly $250 million-worth of the world’s leading crypto asset. During that time, the currency was trading for just over $12,000.
About a month later, bitcoin fell into somewhat bearish territory for the first time in a while. This is typical of September – as we are seeing now – and bitcoin dropped to about $10,000 per unit, but this did not discourage MicroStrategy in any way. The company decided to jump back into the fray and purchase more BTC, only this time at a much cheaper price. The move paid off as the following month, PayPal announced that it would soon allow crypto trading and digital currency buys through its platform.
A Long History of Crypto Fandom
The news was well received, and the price of bitcoin rose to about $13,500. Thus, MicroStrategy saw its investments grow heavily over the course of only 30 days or so, and the company has embarked on regular purchases since that time.
The company’s head executive Michael Saylor has since taken his love of BTC to new heights. He has engaged in hosting educational seminars and sought to teach other companies, both big and small, about how to get involved in crypto trading and why it is so important for enterprises to have bitcoin and cryptocurrencies be part of their balance sheets.