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Home Markets Cryptos

MicroStrategy’s Bitcoin holdings now worth $783 million

Olumide Adesina by Olumide Adesina
December 7, 2020
in Cryptos
MicroStrategy's Bitcoin holdings now worth $783 million, Canadian investment company buys more Bitcoin, Bitcoin price drops $1400 in minutes, Binance, BTC wallets holdings 0.1 BTC reaches all time high, 13,000 BTC wallets are now worth more than $1,000,000
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Michael Saylor, the CEO of publicly listed American business analytics firm, MicroStrategy, has announced the company’s latest Bitcoin holdings via his Twitter Feed.

“MicroStrategy has purchased approximately 2,574 bitcoins for $50.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $19,427 per bitcoin. We now hold approximately 40,824 bitcoins, ” Saylor tweeted.

READ: Why I am now buying Bitcoin

MicroStrategy has purchased approximately 2,574 bitcoins for $50.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $19,427 per bitcoin. We now hold approximately 40,824 bitcoins.https://t.co/nwZcM9zAXZ

— Michael Saylor (@michael_saylor) December 4, 2020

READ: Bitcoin boosts Square earnings in Q3

MicroStrategy and Bitcoin

  • At the time of writing this report, bitcoin traded at $19,289.09. With a daily trading volume estimated at $25 billion, the cryptocurrency has been up 0.67% in the last 24 hours.
  • It remains the most valuable crypto by market value, with a market capitalization of $358 billion. It has a circulating supply of 18,564,306 BTC coins and a maximum supply of 21,000,000 BTC coins.
  • Prior to these purchases, Saylor had made major headlines when he persuaded his board to allocate nearly all of MicroStrategy’s $425 million cash position to bitcoin.
  • The company has made a number of headlines in recent times for its initial $250 million Bitcoin (BTC) investment. It later poured a subsequent $175 million into the asset – a lengthy endeavour totalling almost 100 hours of work.
  • After buying more than $425 million worth of bitcoin, the business analytic company bought more bitcoin worth $50 million as part of the company’s capital allocation strategy.

READ: How investors make money from Bitcoin without owning crypto

What you should know

Nairametrics, revealed a few months back, how MicroStrategy adopted Bitcoin as a treasury reserve asset to hedge against fiat inflation. This is a big deal and it’s good to see BTC’s being used as intended – a hard money/savings instrument.

“Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders,” said Michael Saylor.

READ: CRR Compliance: Banks suffer another N226 billion in CRR debits

“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash,” he added.

Explore Data on the Nairametrics Research Website

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