By Shelly Melancon (Switzerland)
MicroStrategy has topped up its Bitcoin holdings with the latest purchase of 13,005 Bitcoins amounting to $489 million. Of all the institutional investors around the world, no one has acquired more Bitcoin than MicroStrategy. The software giant announced its latest and massive Bitcoin purchase on Monday, June 21. MicroStrategy has been dollar cost averaging (DCA) its Bitcoin purchase since it started buying in on the top crypto asset last year. The software firm is really bullish on Bitcoin and may likely make another purchase soon.
Earlier in June, MicroStrategy had announced that it would raise $500 million in senior secured notes to purchase Bitcoin. It completed the secured notes last week. The offered secured notes would be due by 2028 and hold an interest rate of 6.125% annually. MicroStrategy had further made known last week that it was willing to sell a total of $1 billion in stocks to purchase more Bitcoin. MicroStrategy Bitcoin purchase had begun since August last year. At present, it has acquired 105,085 Bitcoins at an average cost of $26,080 per bitcoin and a total of $2.75 billion.
Before the $500 million investment, it had amassed over 92,000 BTC apart from the personal investment of the firm’s CEO, Michael Saylor. Michael Saylor has been one of the staunch believers in what the cryptocurrency and blockchain industry represent. He has been polling support for Bitcoin and telling people to get into cryptos.
Also read:MicroStrategy’s Unwavering Pro-Crypto Stance
MicroStrategy has been unwavering on its Bitcoin investment since it started investing in the crypto asset. The software giant has amassed over $1 billion in profits since its first Bitcoin acquisition. During the first quarter of 2021, the price of Bitcoin had leaped to a little over $64,000. According to reports, the software firm has made more money from its Bitcoin investment than it has ever on its software products. The price of Bitcoin had slumped by 50% in mid-May, yet the software firm is not disturbed by the turn of events in the crypto market. This week, the price touched the $40,000 mark before dipping back to $32,000. The firm’s subsidiary, MacroStrategy LLC holds 92, 005 BTC out of its total Bitcoin holdings.
MicroStrategy’s CEO Heads Bitcoin Mining Council
Michael Saylor is the head of the Bitcoin Mining Council which was set up this month to address issues bordering on mining the asset and public sensitization. The council will discuss a clean energy source for mining Bitcoin and other cryptocurrencies. This has been a subject of discourse on the lips of crypto enthusiasts following China’s crackdown on crypto mining activities and miners in the country. Reports indicate that miners are opting for volcanoes, nuclear energy and cow manure to mine crypto.
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