MicroStrategy has purchased 295 BTC for $10 million at the average price of $33,808 per Bitcoin. This means that the total BTC that the company now owns is 71,079 BTC, which is worth more than $2.47 billion at the current price.
This announcement led to a spike in the price of BTC, sending it over $34,000 after it was trading between the $33K and $33.8K levels during that day. Currently, BTC has gained more than 4.15% on the day to trade.
Companies Are Interested in BTC
MicroStrategy first announced that it purchased 21,454 BTC in August 2020 for its new “Capital Allocation Strategy.”
It didn’t take long for the company to become a BTC advocate, thanks to Michael Saylor, its CEO, who continued to buy the market tip and convince other investors to take a step toward BTC for inflation protection and higher investment returns.
In 2020, MicroStrategy bought 70,469 BTC, which is worth around $1.125 billion at the average cost of $15,964/BTC.
Now the company organizes sessions for the CEOs who are interested in learning more about how to use Bitcoin for investments.
What’s Next?
The crypto market needs more institutional investors, and while the general feeling toward Bitcoin is a positive one, the price doesn’t really reflect that. Still, a breakout for Bitcoin in the next weeks is highly likely following these weeks of consolidation.