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October 5, 2022
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Coinbase helped Microstrategy buy BTC |

Coinbase, the biggest cryptocurrency exchange in the United States, announced that it had assisted Microstrategy in one of its largest purchases BTC in 2020. According to the official announcement, Coinbase was selected as MicroStrategy’s primary implementation partner when it purchased BTC for $ 425 million in September 2020.

Brett Tejpaul, Head of Institutional Sales at Coinbase, He introduced more details about the purchase:

“By leveraging our advanced execution capabilities, the leading crypto broker platform and OTC, we were able to buy a significant amount of Bitcoin on behalf of MicroStrategy and we did so without any market turmoil. “

Tejpaul said.

Coinbase saved $ 2.5 million

According to the post, MicroStrategy chose Coinbase because the platform provides a range of market tools such as intelligent order routing and algorithmic trading tools. Coinbase first conducted a series of introductory discussions with MicroStrategy to better understand the goals of the deal and develop a trading plan. After a successful test, the exchange started making a larger transaction. For this purpose, it used the “Time Weighted Average Price” algorithm. The deal was completed within five days and the company managed to save 1% ($ 2.5 million).

During the transaction, MicroStrategy spoke to the Coinbase Trading Team at 9am every day. After completing an initial investment of $ 250 million, MicroStrategy invested a further $ 175 million. In total, this NASDAQ-listed company has invested in Bitcoin as much as $ 425 million.

Coinbase has expressed a willingness to help more institutions looking for ways to diversify their portfolio:

“We hope this is a turning point for the crypto economy and we are counting on help from more companies and institutions willing to diversify their capital allocation strategies with cryptocurrencies. By working as an agency, clients can rest assured that our interests align as we try to to find the best prices available on the market ”.

As we reported some time ago, there are more people willing to help Microstrategy. The Ledger team tried to convince MicroStrategy to use their product, Ledger Vault. This product is focused on providing trustee solutions for corporate clients.

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