MicroStrategy spends $489 million on 13,005 BTCs to take its total purchase to 105,085 BTCs.
DCG has also authorized the purchase of up to $50 million worth of the Grayscale Ethereum Classic Trust shares.
The massive fall of the Bitcoin price has sparked fear among newbies to force a mass sell-off, but institutional investors are buying the dip as they accumulate more Bitcoin. The move is led by MicroStrategy who announced early this week to have spent roughly $489 million on 13,005 units. This takes their total purchase to 105,085 BTCs.
According to the company, the average purchase price of its over 100,000 Bitcoin holdings is $26,080 per unit including fees and other expenses. As of June 21, the Virginia-based enterprise software company’s holding was valued at more than $3 billion.
The company recently engaged in a program to raise $1 billion by selling additional stocks to purchase more Bitcoin. According to MicroStrategy CEO Michael Saylor, the Bitcoin business is dr
