Wednesday, June 19, 2024

MicroStrategy buys $414.4 million in Bitcoin, bringing the total BTC balance to $3.5 billion

The CEO of MicroStrategy made an important announcement on 29 November 2021 regarding the purchase of Bitcoins. Michael Saylor took Twitter to reveal the information related to their big purchase of Bitcoins worth $414.4 million. She mentioned that MicroStrategy has purchased 7002 Bitcoins that amounting to $414.4 million, she even highlighted that on average each Bitcoin is worth $59,187. The increase in buying additional Bitcoins shows an increase in the share prices of MicroStrategy. Even the recent purchase of Bitcoins was made after the sale of previous stocks in June.

As per her tweet, she proceeds to mention the number of Bitcoin MicroStrategy owns. Michael told that according to the records till 29 November 2021, MicroStrategy owns 121,044 Bitcoins whose value is $3.57 billion.

Why MicroStrategy prefers to invest in digital currency?

This US-based firm, MicroStrategy keeps on investing in Bitcoins as the number of their owned Bitcoins suggests. As per the CEO, Michael Saylor the company looks forward to adding Bitcoins apart from keeping the US Dollars in their balance sheet. After evaluating this year’s inflation, they had a strong belief in Bitcoin. In 2020, MicroStrategy declared that it will buy Bitcoin as a treasury reserve asset. The company has bought Bitcoin every time there is a quarter dip in Bitcoin.

Also, it has been seen that MicroStrategy along with Tesla was the first company to invest in Bitcoin. Even Ajeet Khurana, an advisor at crypto projects stated that MicroStrategy has kept on investing in Bitcoin and adding Bitcoin to their balance sheet.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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