Bitcoin Backer MicroStrategy Pours $25 Million More Into Cryptocurrency
Bitcoin is currently trading just over $36,000.
MicroStrategy, a US-based business-intelligence software company, has bought additional Bitcoin worth $25 million (roughly Rs 187 crore) in cash during the recent crash. Michael Saylor, its CEO, said his company has bought another 660 Bitcoins at an average price of $37,865 (roughly Rs 28.35 lakh) per Bitcoin. MicroStrategy is reportedly the biggest corporate investor of the world's largest cryptocurrency by market value. The company now holds a total of more than 1,25,000 Bitcoins. The fresh acquisition has been made at a time when the crypto market is on a downward trajectory and Bitcoin, in particular, has lost more than 40 per cent value since November.
Bitcoin had hit a high of $69,000 (roughly Rs 51.67 lakh) in November but is currently trading just over $36,000 (roughly Rs 26.96 lakh), lower than what Saylor said the average price was for MicroStrategy's recent Bitcoin purchase. However, MicroStrategy is still in green if the average price of total Bitcoins in its kitty is taken into account.
“MicroStrategy has purchased an additional 660 Bitcoins for $25 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,” Saylor tweeted. In the context of buying and holding cryptocurrencies, “HODL” is a phrase formed from a misspelling of “hold”.
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
MicroStrategy said in a statement that the fresh batch of
Read more on ndtv.com
