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MicroStrategy announces additional purchase of 295 Bitcoins for $10 million

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Business intelligence firm MicroStrategy acquired additional Bitcoin worth about $10 million in cash on 2 February. The company made the purchase at an average price of approximately $33,810 per Bitcoin. 

The development follows MicroStrategy’s earlier purchase made on 22 January 2021. According to its last announcement, MicroStrategy acquired $10 million worth of Bitcoin, paying roughly $31,808 per coin on average.

As of today, the publicly-traded company holds approximately 71,079 Bitcoins, which is worth roughly $2.5 billion at the current market price. 

Prior to this, MicroStrategy told United States Securities and Exchange Commission (SEC) on 14 September, last year that the firm “may increase” its BTC holdings beyond the $250 million investment that MicroStrategy had bought earlier on August 11, 2020. 

The company has profited from its early Bitcoin acquisitions. In fact, an independent crypto researcher Kevin Rooke stated that MicroStrategy had earned $100 million between August and September in 2020 from their Bitcoin purchases. He compared this finding to the $78 million that MicroStrategy had earned in the last 3.5 years from their actual business operations.

Alisha is a full-time journalist at AMBCrypto. Her interests lie in blockchain technology, crypto-crimes, and market developments in Africa and the United States