MicroStrategy, one of the largest Bitcoin acquiring firms, announced that they have bought additional 4,167 BTC to its reserves.
The purchases happened between February 15 and April 4. The announcement was made public through a statement released by the Securities Exchange Commission.
Nothing can stop MicroStrategy’s BTC accumulation
MicroStrategy, through its recent purchases, adds 4,167 BTC to its holdings. The company acquired the BTC for $190.5 million in cash at an average price of approximately $45,714 per bitcoin. The cost of purchase includes all the fees and other expenses.
MicroStrategy purchased 660 Bitcoins in February. To all the Bitcoin holder’s surprise, MacroStrategy, the company’s subsidiary, borrowed $205 million from Silvergate bank.
The firm borrowed the loan using its bitcoin holdings with a value of approximately $820.0 million placed in a collateral account. The company utilized the loan to buy bitcoin further.
MicroStrategy and its subsidiaries held an estimated 129,218 bitcoins as of April 4, 2022. It purchased the BTC for an estimated $3.97 billion and an average purchase price of approximately $30,700 per bitcoin.
As per the statement, MacroStrategy holds approximately 115,110 of these bitcoins. But even through the ups and downs and a no-profit situation, Saylor seems to be pretty stern in his bitcoin decision. The company is looking into the long term and has no plans to sell its BTC soon.
Where is BTC headed?
At the time of press, BTC trades at $47,090.14 with a 24-hour trading volume of $31,031,884,808. Even though the recent crypto winter affected the BTC price, big institutional investors stood firm with their HODLing strategy.
With institutions and big players accumulating bitcoin, it is no doubt that everyone will be fighting for a piece of BTC five years down the line. When everyone is eyeing to grasp BTC, one can only imagine how much the price would soar.