u.today
Business intelligence firm MicroStrategy has announced its biggest Bitcoin purchase to date.
The Virginia-based company added 55,500 BTC, shelling out $97,862 per coin.
Following the recent gargantuan purchase, MicroStrategy holds a total of 386,700 BTC.
The company now needs the Bitcoin price to be above $56,761 for its Bitcoin holdings to remain profitable.
The price of Bitcoin dipped to $97,362 following the Monday announcement, which was more or less expected by the market.
The MicroStrategy stock is also unfazed by the recent announcement. It is currently up by roughly 3%.
The company's stock is up a staggering 515% over the past year. However, there are mounting concerns about the viability of its audacious debt-for-Bitcoin strategy.