MicroStrategy bought 1040 BTC worth $29.3 million

The American company MicroStrategy, known for its investments in cryptocurrency, has bought bitcoins again. Former CEO and current Executive Chairman Michael Saylor shared good news with your twitter followers.

MicroStrategy bought 1,040 BTC worth $29.3 million. Each bitcoin cost the company $28,016. The last purchase brought the number of bitcoins in the company’s wallet to 140,000. A total of $4.17 billion was spent on the purchase of bitcoins. This is the average price of bitcoin in the piggy bank MicroStrategy is $29,803.

MicroStrategy started buying cryptocurrency in August 2020 and since then has been trying to buy on the strait every time the opportunity presents itself. The company is the largest institutional holder of bitcoin.

Immediately after the first purchase, Sailor explained the rationale for investing in the first cryptocurrency: “This investment reflects our conviction that Bitcoin, as the world’s most widely accepted cryptocurrency, is a reliable store of value and an attractive investment asset with a longer-term growth potential in value than holding cash. money”.

Since the company made part of the investments on borrowed funds secured by bitcoins, the cryptans expected that with the fall in the price of the first cryptocurrency, Sailor would face a margin call. However, the head of MicroStrategy claims that his firm anticipated the volatility and was prepared for it. MicroStrategy’s assets were initially allocated in such a way as to continue to walk even in “unfavorable conditions” in the market.

Sailor’s love of bitcoin has cost him dearly, after the release of the Q2 2022 report, he stepped down as CEO and took over as executive chairman, promising to focus on the firm’s bitcoin strategy.

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