MicroStrategy buys 301 more bitcoins for $6 million – Coins.fr

New CEO for MicroStrategybut no questioning of its strategy ofbuy bitcoin. The publisher confirms this with a acquisition of 301 BTC at an average price of $19,851.

Michael Saylor, co-founder and CEO of MicroStrategy, may have withdrawn from some of its functions in August, the software publisher does not deviate from its trajectory. This remains attached to the investment in cryptocurrency.

Proof of this is MicroStrategy announcing a new bitcoin purchase, even as the price of BTC fell back below $20,000 this week. The American actor adds 301 new bitcoins to its already sizeable reservations.

130,000 bitcoins in cash for MicroStrategy

In total, the publicly traded BI vendor spent $6 million to complete its stock of crypto-assets. This represents an average price per token of $19,851. The company is however less expensive in its purchases.

In June, it spent around $10 million to acquire 480 tokens. It was already benefiting from a decline in the price of the first of the cryptocurrencies in capitalization. Nevertheless, MicroStrategy could soon hire larger investments in favor of its treasury.

We should already remember that the company listed on the Nasdaq now owns 130,000 bitcoinswhose average purchase price per BTC is estimated at $30,639. This figure is therefore well above the current price of the asset.

But a low price is also a buying opportunity. This is the investment philosophy advocated by MicroStrategy and its founder Michael Saylor. In this perspective, the firm plans to raise 500 million dollars.

To raise this capital, it will proceed with a sale of shares, as it informs the SEC in a document. The result of this operation will thus make it possible, in particular, tobuy bitcoin.

Between Bitcoin and Saylor: A long-term story

With the decline of more than 60% in the price of BTC, the value of the crypto-asset capital of Saylor’s company has contracted very sharply. As of October 2021, its digital assets exceeded $7 billion.

At the current price ($18,862), this valuation is currentlyjust under $2.5 billion. MicroStrategy is in (late) loss on these assets since their cumulative purchase cost is approximately 3.98 billion.

Despite this short-term setback, the leaders of the American publisher want to be calm. Its founder has already stated on several occasions that this investment was part of on the long term.

Saylor is therefore betting on a recovery in the crypto markets and more particularly in the price of BTC. The past has already proven him right. MicroStrategy acquired its first tokens in the summer of 2020, before the bull run. The leader is therefore betting on a next bullish cycle, like many hodlers.

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MicroStrategy buys 301 more bitcoins for $6 million – Coins.fr

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