MicroStrategy, a NASDAQ listed business intelligence firm, continues its massive BTC purchases and owns 0.335% of all BTC in existence so far.
Describing itself as “the largest public independent business intelligence company”, MicroStrategy has recently fulfilled its promise to buy more bitcoins. The company announced earlier today that it purchased another 29,646 BTC for about $ 650 million.
Michael Saylor, founder and CEO of MicroStrategy, announced the latest BTC acquisition earlier today. Following the company’s recent Treasury Reserve Policy, the company allocated another $ 650 million of bitcoins at an average price of $ 21,925.
According to previous BTC purchases, the company’s total assets reached 70,470 bitcoins – more than 0.335% of the 21 million BTC in existence so far.
The business intelligence giant has currently allocated $ 1.125 billion in BTC, with an average price of $ 15,964 per coin.
Let us remind you that MicroStrategy raised $ 650 million last week through top-tier convertible bonds and claimed to use the funds to buy BTC.
CryptoPotato also recently reported that the company launched a new Treasury Reserve Policy that places Bitcoin as the primary treasury reserve asset. Saylor agreed in a statement, stating that the most recent BTC purchase was operating in accordance with the policy.
“The Bitcoin purchase announced today confirms our belief that bitcoin, the world’s most widely used cryptocurrency, is a reliable store of value.” – explained.
Interestingly, the price of BTC has dropped today and briefly fell below $ 22,000. Therefore, MicroStrategy could take advantage of this “buy bottom” opportunity. However, this is still unconfirmed as similar large transactions often take longer to process. For example, one of the company’s previous purchases of $ 250 million, made by Coinbase, took 5 days.
Despite the uncertainty, MicroStrategy’s announcement seems to have affected the BTC price, with the asset pumping around $ 1000 in minutes.