Microstrategy on Monday bought 13,005 bitcoins worth about $489 million at an average price of $37,617 each. Currency.
Now the company has a total of 105,085 BTC that they have purchased for $2.74 billion. Average price per Currency It comes out to be $26,080.
Microstrategy CEO Makes Bitcoin Acquisition Second Business
Microstrategy’s primary business is software development. Michael Saylor, CEO of the company, added the acquisition of Bitcoin as a second term.
BTC is down 8% to around $33,000 today as a result of the ongoing crackdown in China on mining hubs. Since Microstrategy’s stock is correlated with BTC, it has also fallen more than 6%.
As of now, the 105,085 BTC owned by Microstrategy is worth over $3 billion. Acquired by the software company at an average price of $26,080 per Currency Including fees and other expenses.
Microstrategy had to take Debt Offers So that the company can pick up more coins, it appears to have doubled further in its Bitcoin endeavors after buying today’s $489 million.
Regarding their BTC business, Saylor Says:
We’ve rounded up our shareholder base and turned ourselves into a company that can sell enterprise software and get and hold bitcoin, and we’ve done it successfully with leverage.
As the developer decided to sell More Shares Worth $1 Billion So they can fund more bitcoin purchases
All of these purchases were of great benefit to the company as annual revenue jumped to 10%. Saylor says:
This increased the brand’s strength by 100 times. We just had the best quarter in our show…in the last 10 years in the last quarter
Microstrategy has also seen a benefit in terms of inventory value. In August last year, when they first started buying bitcoin, their share price was around $120. Today, it’s $580, a steep increase of over 400%.
Bitcoin business drives shareholder returns. I think the staff are happy. Shareholders are happy.
BTC It’s down to $32,195 today. This value is 19% lower than last week. While over the entire month, it fell a little less, about 15%.
Here is a graph showing the current trend:
BTC shows a downward trend, again | Source: BTCUSD on TradingView
The market appears to be bearish at the moment, and it is not clear when it will change for the better.
The crackdown in China on cryptocurrencies appears to have a significant impact on the price of BTC, so the future of the market will likely depend on that as well. At the moment, China does not appear to be slowing down.
Related reading | China’s Bitcoin Mining To Unlock Historic Moment, Will BTC Be Affected?
Some experts believe that the market can correct itself to 1/2 of the value at $17,000, and only then will the bullish pattern return.