Explaining that it bought $ 250 million worth of Bitcoin last month, MicroStrategy announced that it made an additional $ 175 million BTC investment. The total amount of BTC owned by the company with the addition of nearly 17 thousand Bitcoins to its investments reached 425 million dollars.
Declaring Bitcoin as the company’s primary reserve asset at the board meeting held a few days ago, MicroStrategy announced today that they purchased 16,796 Bitcoins. The company’s founder and CEO, Michael Saylor, announced on his Twitter account that they have purchased 38,250 Bitcoins worth 425 million in total with the latest investment. Saylor has made several statements before, supporting his confidence in Bitcoin against inflation.
On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses.
— Michael Saylor (@michael_saylor) September 15, 2020
MicroStrategy owns 0.18% of the entire BTC supply, with 38,250 Bitcoin it holds. With this move, MicroStrategy, one of the leading business information gathering companies, once again demonstrated its faith and commitment to Bitcoin.
Bitcoin Move Expected
MicroStrategy, listed on the NASDAQ-100, gave a statement yesterday to the US Securities and Exchange Commission, signaling that it may deepen Bitcoin investment. After this 8-k announcement, MicroStrategy was expected to make such a move.
The company made investments such as Bitcoin, gold and silver in order to avoid the depreciation of the dollar and to escape inflation. It was predicted that the company’s new policy after the meeting held on September 11 was to expand its $ 250 million Bitcoin investment. In line with this meeting, Bitcoin was accepted as the main reserve unit of the billion-dollar company, bypassing gold and silver.
It is said that the fact that Bitcoin has been on the rise since the beginning of this week after the fall in the first half of September and the BTC price has increased by 3% in the last 24 hours may be effective in the company’s Bitcoin move. The fact that many experts have re-entered the bull market rhetoric for Bitcoin may have prompted the company to act quickly and follow the “buy low” tactic.