Microstrategy Scoops up 262 Bitcoin, Treasury Holds 91K BTC at an Average of $24K per Coin – Bitcoin News

On the 12th. In March, publicly traded Microstrategy announced the purchase of another 262 bitcoins for $15 million in cash. CEO Michael Saylor announced the purchase Friday morning (ET) to his 623,000 Twitter followers.

Microstrategy tells US regulators it has exchanged $15 million in cash for 262bitcoins.

Seven days ago, on the 5th. In March, Bitcoin.com reported that Microstrategy had raised $10 million in cash to buy 205 bitcoins (BTC). On the 12th. In March, Microstrategy announced another bitcoin acquisition worth $15 million in a Form 8-K filed with the Securities and Exchange Commission (SEC). An SEC filing dated 12. March explains the company’s decision to buy 262 bitcoins (BTC).

Meanwhile, bitcoin bull and Microstrategy CEO Michael Saylor announced the purchase Friday morning via Twitter. As in Saylor’s earlier tweets, the CEO explained how much Microstrategy bought, the price the company paid, how many bitcoins the company currently owns, and the average price the company paid for the currency with this strategy.

Saylor tweeted at 8 a.m. (ET):

Microstrategy bought ~262 additional bitcoins for ~$15 million in cash at an average price of ~$57.146 per bitcoin, Saylor wrote on Twitter. As of 3/12/2021, we have purchased ~91,326 bitcoins for ~$2.211 billion at an average price of ~$24.214 per bitcoin.

Average dollar purchase cost arrangement paid by micro strategy

Despite the announcement, bitcoin (BTC) fell to a low of $55,011 per unit at 8:25 a.m. in Friday morning trading, losing more than 2.7%. This came after BTC reached a one-month high of $58,156 per coin, approaching the all-time high (ATH) of decentralized crypto assets of $58,350 per coin.

The price is lower than what Microstrategy paid this week ($57,146 per BTC), but the company’s strategy of dollar-cost averaging has paid off so far. The company’s 91k+ BTCs are worth over $5.1 billion, but the average BTC value of $24,214 shows that they bought everything for $2.2 billion.

Also, the business intelligence (BI) company’s balance of 91,326 bitcoins is only 8,674 BTC, not 100,000 BTC. At the current exchange rate, that’s about $482 million in bitcoins.

What do you think of Microstrategy’s $15 million bitcoin purchase? Let us know what you think in the comments below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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