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October 3, 2022
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Bitcoin

– Bitcoin, cryptocurrencies and blockchain technology.

MicroStrategy has made another massive Bitcoin purchase. This time, the funds for investments were collected through the sale of convertible bonds. According to the official classifieds, company spent $ 650 million to purchase 29,646 BTC at an average price of $ 21,925.

MicroStrategy CEO Michael Saylor commented on the company’s recent investment:

The acquisition of additional Bitcoins, announced today, confirms our belief that Bitcoin, as the most widespread cryptocurrency in the world, is a reliable store of value. We believe that proactive management of our balance sheet, combined with improved results in terms of revenues and profitability of the Company, has been an important factor in the recent growth of our share price.

MicroStrategy already has a total of approximately 70,470 BTC, 0.37% of all BTC in circulation. Today, the company’s share price has risen from $ 297 to $ 308, and has risen approximately 130% since its first investment on August 11.

A good MicroStrategy decision

The company’s aggressive transition to Bitcoin has so far proved to be very profitable. The average purchase price is just under $ 16,000 for BTC, while one coin is currently trading at $ 23,500. The company has invested a total of $ 1.12 billion in Bitcoin, and its 70,470 BTC wallet is now worth $ 1.63 billion.

MicroStrategy has made Bitcoin its main reserve capital. The company believes that BTC will hold its value better than the US dollar. MicroStrategy is not alone – many institutional investors now choose Bitcoin with a similar rationale.

An example would be the investment firm Ruffer, which recently revealed that it has BTC exposure worth $ 740 million. The company thus protects its shares against “the continuous devaluation of the world’s major currencies”. Hedge fund One River Digital Asset Management recently revealed that it bought Bitcoin and Ethereum worth $ 600 million in November. The fund’s founder Eric Peters said he was attracted to digital assets due to currency depreciation and inflation risks.

Current course You can always check Bitcoin and other cryptocurrencies in the tabs: exchange rate Bitcoin and the cryptocurrency rate on the website . A place where you can buy BTC and more coins, include cryptocurrency exchange BitBay.net. If you do not have an account on BitBay yet, from this article you will learn how to efficiently create one: LINK.

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