Breaking: MicroStrategy Buys Additional 5K Bitcoin ($BTC) Worth $243 Million

Microstrategy has continued its Bitcoin buying streak in September as the company bought an additional 5,050 BTC worth $242.9 million at $48,099 per $BTC. The latest purchase takes MicroStrategy’s total Bitcoin investment to over $3 billion. This would also mark the Fortune 500 companies’ biggest one-time cash purchase. The company now holds a total of 114,042 BTC on its balance sheet.

The recent cash purchase by MicroStrategy has also shut down rumors of a possible Bitcoin dump by the company which was on the rise post the last week’s flash crash. A recent report suggested that top executives in the company unloaded a total of over $120 million in $MSTR shares. This in turn gave fuel to the fire about the company’s Bitcoin dump even though CEO Michael Saylor has reiterated that the company has no intention of selling anytime soon.

MicroStrategy Continue to Strengthen Bitcoin Portfolio

MicroStrategy started buying Bitcoin in August last year when the price of the top cryptocurrency was trading just above $10K price and it hasn’t stopped since then. The firm has bought BTC using debt offerings and direct cash purchases and has said it would continue to offer debt offerings to buy more Bitcoin.

During the recent bearish month of May, June, and July, Bitcoin price fell below $30K on a couple of occasions that had put severe investor pressure on the company to sell its BTC holdings to avoid incurring millions in losses. However, Saylor led the firm through the bearish phase and refused to sell any of their Bitcoin.

Microstrategy is also seen as the crusader for public companies adding Bitcoin to their balance sheet. The firm convinced several CEOs or various public companies to add BTC to their balance sheet including Tesla and SpaceX. Saylor has turned into a full-time Bitcoin proponent who is often seen talking about Bitcoin on his social media handles and believes BTC would bring the true financial revolution.

The post Breaking: MicroStrategy Buys Additional 5K Bitcoin ($BTC) Worth $243 Million appeared first on Coingape.

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