MicroStrategy buys another $15 Million in BTC as institutions continue being bullish while BTC fails to crack $50,000.
BTC bull and Business Intelligence company, MicroStrategy, bought $15 million in BTC on Monday.
Founder and CEO Michael Saylor announced on Twitter that the company has expanded its BTC holdings with the addition of 328 more coins.
This purchase further affirms Saylor’s long position on BTC, which has been well established through both his personal interest and the company’s enthusiastic investment.
Following the purchase, Saylor placed MicroStrategy’s BTC holdings at 90,859 BTC, which were acquired for $2.186 billion. The average price for each being $24,063 per token.
This is one of the lower buys by the company, with previous purchases coming in as high as $1.026 billion.
MicroStrategy’s tryst with Bitcoin
MicroStrategy hasn’t been in the market long. The company first started buying bitcoin in August 2020. Since then it has taken every opportunity to buy big.
Its first acquisition was for $250 million worth of BTC. Since then it has made a host of purchases, which included a $400 million private funding round for bitcoin investment.
Most recently, the company joined the likes of Tesla and Square buying in during the most recent Bitcoin dip.
MicroStrategy is a publicly-traded company and its investment in bitcoin has had a significant impact on its shares. The announcement of its initial investment saw shares skyrocket. Since then, the $MSTR share price has had downturns often correlated to the Bitcoin price.
The announcement of this latest acquisition sent the company’s shares 7% higher in premarket trading, according to Reuters.
Michael Saylor being a BTC bull
Saylor’s enthusiasm for bitcoin is apparent across his social media accounts.
On Twitter, he posts regular tweets relating to his belief and enthusiasm for bitcoin.
His philosophy towards BTC revolves around the benefits it has not only for individuals but for corporates as well.
“#Bitcoin provides corporations protection against currency devaluation as well as an option to participate in the explosive growth of the digital monetary network,” he said in another tweet on Feb. 25, which he expanded on in a Bloomberg interview he did on the subject.
This year already, he has released a Bitcoin Corporate Playbook and hosted a summit on the topic.