Michael Saylor continues to accumulate Bitcoin, with his latest purchase price 10% above the current BTC trading price.
Microstrategy Buys BTC Prior to Correction
The bitcoin market was sent spiraling downwards as the price of Bitcoin hit $45,000, following a Tweet by Elon Musk with leveraged speculators and traders exiting their positions quickly. Amidst the dark clouds hanging over the crypto market, Microstrategy has announced that it has added $15 Million worth of Bitcoin to its Treasury and now holds 91,850 BTC. Microstrategy continues to take advantage of these opportunities in the market, accumulating BTC and sticking to their long-term thesis.
Michael Saylor, CEO of Virginia-based business intelligence firm MicroStrategy took to Twitter to announce that the company has added another 271 Bitcoin (BTC) to its strategic reserves. The BTC we’re purchased at the average rate of $55,387 per Bitcoin at a total of $15 Million USD. The company now holds 91,850 bitcoins acquired for $2.241 billion at an average price of 24,403 per bitcoin.
Will MicroStrategy’s Stance Increase Bitcoins Value?
MicroStrategy is one of the top companies holding BTC on their corporate treasuries. The company holds about 0.437% of the asset’s circulating supply. However, the company also had its shares of woes with the dip as Saylor’s purchase preceded the dip which saw Bitcoin plunged to as low as $46,294.72 before recovering to about $50,000, where it now trades. Following the correction in crypto markets, Microstrategy’s Stock dived as well. Maintaining a correlation to BTC, its stock has also slightly recovered. Although Microstrategy’s purchase of Bitcoin is timely, there will need to be further buying pressure to resume the rally.
In Conclusion
Microstrategy had to file with the U.S. Securities and Exchange Commission (SEC) and declared that as of May 13, the company holds about 91,850 Bitcoin. For now, Bitcoin remains at the $50,000 position, it is impossible to say if Microstrategy’s step will turn the market around.
Source : bsc.news
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