MicroStrategy Buys Another $10 Million in Bitcoin, Now Holds 71,079 BTC in Total Worth $2.5 Billion

MicroStrategy, the software giant has purchased another 295 bitcoin worth $10 million at $33,808 apiece, taking their total Bitcoin holding to 71,079 Bitcoin worth $2.47 billion.

The recent purchase comes just weeks after the company announced the purchase of $10 million worth of BTC during the last dip, buying 314 bitcoins at $31,808 apiece.

MicroStrategy started buying bitcoin back in August 2020 by converting a portion of its treasury cash into Bitcoin and their investment has nearly doubled since the first purchase, as they spent around $1.4 billion on Bitcoin purchase till now and the valuation of their total BTC holding has reached $2.5 billion. They are also counted among the first institutions to use Bitcoin as a Treasury Reserve instead of cash. C

Institutions Continue Buying Bitcoin Dips as Weak Hands Leave the Market

The influx of institutions in the Bitcoin arena has led to its massive price outburst in the recent past, while retail traders did join the bull run later, but they seem to be moving out with their profits as Bitcoin price seems stuck below $35k level. The top cryptocurrency did manage to break out from the three-day long trend today seeing its price rise above $35k for a brief period.

The institutions especially MicroStrategy do not seem to be much fazed by the recent market corrections and have bought the last two dips despite holding over $2 billion in bitcoin already. Guggenheim Partners another multi-billion dollar asset management firm recently bought $500 million worth of Bitcoin as per their SEC filing in GBTC trust funds.

While institutions continue to add Bitcoin to their portfolio especially during the dips at the cost of weak hands.

Bitcoin is currently trading at $34,586 registering a 7% rise in price over the past 24 hours, having lost most of the gains made after Elon Musk tweet the top cryptocurrency eyes to move past the key resistance of $35,000.

The post MicroStrategy Buys Another $10 Million in Bitcoin, Now Holds 71,079 BTC in Total Worth $2.5 Billion appeared first on Coingape.

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