MicroStrategy buys the Bitcoin dip worth $10 million
As of 22 January 2021, publicly-traded company, MicroStrategy increased its Bitcoin holding by making an additional purchase of the asset. According to its latest announcement, MicroStrategy acquired $10 million worth of Bitcoin, paying roughly $31,808 per coin on average.
The firm managed to gain from its earlier holdings during bull market conditions. At the very beginning of the rally when Bitcoin was nearing $13,000, MicroStrategy reportedly earned $100 million in two months, from their Bitcoin purchases. Moreover, the firm’s primary treasury reserve asset had “increased the overall visibility” of the company in the market, MicroStrategy’s CEO Michael Saylor said.
Given its gains, perhaps MicroStrategy is now taking advantage of the recent dip in prices, following Bitcoin’s correction, only to increase its holdings.
Overall, the business intelligence firm owns 70,784 coins that are worth over $1.13 billion, in its treasury reserve. This makes it the largest holder of the asset in a list of other corporations that invested in BTC, according to Bitcoin Treasuries.
At press time, Bitcoin was trading at $32,386.86; the asset has been up by 1.8% in the last hour.
The firm happens to be the first publicly-traded company to invest significant treasury assets in Bitcoin, or at least that is what the company claims.