MicroStrategy Continues to Buy the Dip, Adds 1,438 Bitcoins to Its BTC Purse


US-based software development company Microstrategy, known for its leading role in corporations’ race for bitcoin (BTC), has confirmed another addition to its kitty. This time around, MicroStrategy bought about 1,500 bitcoins between November 29 and December 8 at an average price of $57,477 (approximately Rs 43.4 lakh). The latest addition raises the total number of bitcoins held by MicroStrategy to 122,478 coins, at an average price of $29,861 (approximately Rs 22.55 lakh) per coin. At current prices, this amount is equivalent to around $6 billion (about Rs 45305.56 crore).

MicroStrategy remains persistent Bitcoin The accumulation spree, buying the world’s biggest cryptocurrency during dips. On Thursday, CEO Michael Saylor tweeted about a new development in the firm’s bitcoin holdings. In the tweet, Sayer shared the link for Form 8-K, which he submitted to the United States Securities and Exchange Commission (SEC).

In August, the firm bought around $177 million (approximately Rs 1,336.51 crore) of BTC at over $45,294 (approximately Rs 34.2 lakh) when the cryptocurrency was trading at around $50,000 (approximately Rs 37.75 lakh).

MicroStrategy later bought another 5,050 bitcoins For approximately $242.9 million (approximately Rs 1,827.32 crore) in September. Furthermore, in late October, Sayer announced that his firm had purchased approximately 8,957 bitcoins at an average price of $46,876 for each BTC before another addition of BTC 7,002. in November,

Sailor also revealed that he is an active member of the Bitcoin Mining Council, and that his support for the world’s largest cryptocurrency is not limited to buying dips. The firm is the first publicly listed firm to invest in bitcoin.

as demonstrated by bitcoin treasury, a reliable dashboard that tracks the bitcoin holdings of publicly traded companies, corporations hold 1,470,015 BTC, or 7% of its total circulating supply.

Publicly traded corporations hold over $71 billion (about Rs 5,36,115.78 crore) in bitcoin, while on average, corporate players hold bitcoin with a 31 percent gain. Riot Blockchain and Hut8 Mining are the most successful holders and have increased their allocation by over 400 percent.

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