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Bullish MicroStrategy Goes Shopping, Splashes Another $82.4 Billion on Bitcoin Purchase

coinfomania.com 09 December 2021 15:19, UTC
Reading time: ~2 m

Leading publicly traded business intelligence and software company, MicroStrategy, has recently announced another ground-breaking bitcoin purchase.

The company revealed that it had bought a total of 1,434 BTC for approximately $82.4 million at an average purchase price of $57,477 per bitcoin, suggesting that the purchase was probably made around last week since bitcoin’s price has been stuck below $50,000 for a few days.

This latest purchase represents the second huge bitcoin purchase made by MicroStrategy in the past few weeks, as the company had splashed $414 million in buying over 7,000 BTC.

MicroStrategy now has a total of 122,478 bitcoins purchased at an aggregate price of $3.66 billion and an average purchase price of $29,861 per unit, inclusive of fees and other expenses. 

At today’s prices, MicroStrategy’s large bitcoin holdings are valued at a whopping $5.9 billion, considering that bitcoin’s price is sitting at $48,332 at the time of writing.

No Going Back for MicroStrategy

MicroStrategy is currently the largest corporate holder of bitcoin and it has no intention of ever going back on its bitcoin accumulating spree.

The company refused to trim its position even when bitcoin, which its CEO, Michael Saylor describes as a “hard asset” was in both bull and bear markets.

Saylor, who is an avid bitcoin proponent, has on several occasions noted that the company believes in the digital asset’s potential and it intends to hold onto it for a very long time.

“We will continue to acquire and hold additional bitcoin as we seek to create additional value for shareholders,” Saylor said.

Institutional Interest Surges

The crypto industry has witnessed an exponential growth in the number of large institutional investors entering the space in recent months.

It is as a result of this massive surge in interest that the popular crypto lending platform, Nexo, partnered with Fidelity Digital Assets to build products and infrastructure for institutions looking to increase their crypto exposure.

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