MicroStrategy Acquires Bitcoins worth $15 Million

U.S.-based Microstrategy is a business intelligence company that has been grabbing the spotlight for its bitcoin acquisitions. MicroStrategy declared on Monday that it has acquired around 253 bitcoins for $15 million in cash. The U.S.-listed firm bought 253 bitcoins at an average price of $59,339 per Bitcoin. MicroStrategy has filed Form 8-K with the U.S. SEC (Securities and Exchange Commission). The form details that the company now holds approximately 91,579 Bitcoins, which were acquired at an aggregated price of $2.226 billion.

As per Michael Saylor, the MicroStrategy CEO, the bitcoins were acquired in cash for $15 million, which includes fees and other expenses. Recently, MicroStrategy acquired a total of 91,579 BTC in its portfolio. MicroStrategy acquired the bitcoin for a massive $2.226 billion, at an approximated price of $24,311 per bitcoin unit. The world’s largest cryptocurrency is trading at $58,300.

After its first Bitcoin acquisition in August 2020, MicroStrategy has embraced every available opportunity it obtains to expand its bitcoin holdings.

MicroStrategy as the First Publicly Listed Company to Invest in Bitcoin

Furthermore, MicroStrategy became the first publicly listed company to fund bitcoin last year. It ignited a trend of adding bitcoin to the company treasury. However, various massive companies such as Tesla, Square also bought Bitcoins. MicroStrategy’s investment remains the most important among the well-known companies. Moreover, MicroStrategy was the first to employ bitcoin as a primary reserve treasury asset. Additionally, MicroStrategy believes that it can transform the recent financial system.

However, the company’s main business remains business intelligence; it gained popularity after investing $250 million in Bitcoin last August. Moreover, the Founder of MicroStrategy, Michael Saylor, also became one of the top advocates of Bitcoin and made Bitcoin investment a primary center of the company. MicroStrategy is engaged in purchasing more bitcoins and is enthusiastic about discovering other ways to support digital asset adoption.

MicroStrategy also recently has a bitcoin education program titled “Bitcoin for Everybody,” which primarily concentrates on educating retail investors on the profits they can receive from investing in bitcoin. Enthusiastic participants can exercise the bitcoin course, which is obtainable on the Saylor Academy platform, for free and master various essential features of the top cryptocurrency and the benefits they can receive from embracing it. Furthermore, Michael Saylor has been quite vocal about bitcoin and does not hide his conviction in the digital currency’s potential.