MicroStratergy Acquires Bitcoin worth $10 Million, the Shopping Spree Continues!

The business intelligence company MicroStratergy has once again made a huge purchase of BTC. this time it has acquired an additional $10 Million worth of Bitcoin at an average price of $48,888. 

The news is not very intimidating, as the company has been on a shopping spree for quite some months now, and the CEO Micheal Saylor is a popular Bitcoin proponent and is always bullish on it.

As of March 1st, the company holds an aggregate of a whopping 90859 Bitcoins worth approximately $2.191 Billion, making for an average of $23,985 per coin.

Previous big purchases

The company has made many huge purchases since August 2020. Prominent ones being $175Million worth 16796 tokens in September 2020 and $650 Million investment in December.

The latest one being the February 24 purchase of $1 Billion worth BTC buy, for which the company raised a debt offering earlier last month.

Michael Saylor has become a bitcoin bull and pioneer of cryptocurrency investments.

The chief executive is of the belief that “bitcoin will flip gold”, and have reduced volatility once it reaches $10 trillion and becoming a stabilizing influence in the financial ecosystem.

Bitcoin’s trajectory

After a great bull run for some months, almost reaching the $60K mark and achieving $1 Trillion Market Capitalization for the first time, it went into a correction mode falling to $45K and ever since is hovering around the $50K mark.

However, the volatility has not affected the company’s investment decisions, as it could be a long-term plan noticing the potential of decentralized finance.

At the time of writing Bitcoin is trading at $48,279.17 with a market capitalization of $900.15 Billion.