MicroStrategy Bought Additional $177M Of Bitcoin, Now Holds $2.34B Worth Of Crypto

MicroStrategy Bought Additional $177M Of Bitcoin, Now Holds $2.34B Worth Of Crypto

MicroStrategy Incorporated MSTR bought a significant amount of Bitcoin BTC/USD once again, continuing its accumulation.

What Happened: MicroStrategy CEO Michael Saylor announced in a Tuesday tweet that the firm had purchased an additional 3,907 bitcoins for about $177 million in cash at an average price of $45,294 per BTC.

Saylor also highlighted that as of Monday, the firm held nearly 109,000 BTC acquired for about $2.918 billion.

This puts MicroStrategy at a profit of nearly $2.34 billion on its Bitcoin investment — considering that the company's Bitcoin holdings are currently worth nearly $5.26 billion.

Accumulating Bitcoin is MicroStrategy’s primary objective, and the company is funneling all of the capital that it can get hold of to pursue it.

This includes the rapidly growing revenues that it rakes in through its market intelligence services, capital raised through bond sale and stock sales.

So far, this simple strategy has seemingly worked for MicroStrategy, which is profiting notably off of its Bitcoin bet and has reached a market cap of $6.77 billion.

The company is also widely believed to be one of the world's entities with the most Bitcoin holdings.

Price Action: MicroStrategy's stock closed at $715.50, down 0.42%, and was trading 2.86% lower, at $695 in the pre-markets.

Bitcoin was trading at $47,558, 3.51$ lower over the last 24-hours.

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Posted In: BitcoincryptocurrenciesElon MuskEthereumMichael SaylorCryptocurrencyNewsMarketsTrading Ideas

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