MicroStrategy has been competing to raise bitcoin and buy it when the coin is down. On Thursday, CEO Michael Sayer tweeted about the company’s new developments regarding bitcoin holdings. In this tweet, Sailor shared a link to Form 8-K, which the company submitted to the United States Securities and Exchange Commission (SEC).
MicroStrategy has purchased an additional 1,434 bitcoins for ~$82.4 million in cash at an average price of ~$57,477 per #bitcoin. As of 12/9/21 we #hodl ~122,478 bitcoins acquired for ~$3.66 billion at an average price of ~$29,861 per bitcoin. $MSTRhttps://t.co/Xke8QhoYpy
— Michael Saylor⚡️ (@saylor) December 9, 2021
In August, the firm had bought bitcoins worth about $177 million (approximately Rs 1,336.51 crore) at $45,294 (approximately Rs 34.2 lakh) per coin. Then this cryptocurrency was trading at around $50,000 (about Rs 37.75 lakh).
In September also, the company continued to buy bitcoins and bought 5,050 more bitcoins for $242.9 million (approximately Rs 1,827.32 crore). In late October, Sayer reported that his firm bought 8,957 bitcoins at an average price of $46,876 (about Rs 35.39 lakh). The company also purchased 7,002 bitcoins 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 its downsides. His company is also listed as the first public company to invest in bitcoin.
Publicly traded corporations hold over $71 billion (approximately Rs 5,36,115.78 crore) in bitcoin. Corporate players hold bitcoin with an average gain of 31 percent. Wright Blockchain and Hut8 Mining are the most successful holders. He has increased his allocation by more than 400 percent.
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