MicroStrategy announces purchase of 7002 more Bitcoin (BTC) for $414.4 million

MicroStrategy announces purchase of 7002 more Bitcoin (BTC) for $414.4 million

MicroStrategy announced earlier today that it has purchased an additional 7,002 Bitcoin (BTC). The latest purchase makes Michael Saylor’s company the largest known BTC holder among non-crypto companies.

More bitcoins for Michael Saylor

One of the largest software companies in the world has just announced that it has significantly increased its cryptocurrency holdings.

According to its latest Form 8-K filing with the SEC, MicroStrategy has purchased an additional $7,002 BTC for $414.4 million in cash. Michael Saylor, the CEO of MicroStrategy, said that the bitcoins were purchased for an average price of around $59,187 per BTC.

While this isn’t the largest purchase MicroStrategy has made when it comes to cryptocurrencies, it still significantly increased its Bitcoin position—the company now holds 121,044 BTC.

The 121,044 BTC were acquired for $3.57 billion, at an average price of $29,534 per BTC.

MicroStrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per #bitcoin. As of 11/29/21 we #hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin. $MSTRhttps://t.co/OA8VWG1bZX

— Michael Saylor⚡️ (@saylor) November 29, 2021

The market reacted strongly to the news about MicroStrategy’s latest purchase, with Bitcoin jumping over 7% in the hours following the update. And while it immediately went through a brief 2% consolidation, dropping to $57,100, the charts still look tense as the market anticipates further growth.

Graph showing Bitcoin’s price from November 25th to November 29th, 2021 (Source: BTCUSD Chart on TradingView)

Each of MicroStrategy’s previous Bitcoin purchases significantly swayed the market, and with three months since its last major announcement, we could see additional price action in the days to come.

READ also :  World’s biggest podcaster Joe Rogan has a ‘lot of hope’ for crypto

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