MicroStrategy Buys Bitcoin When The Market Is Sluggish, Totally Owns BTC Worth IDR 84.2 Trillion
JAKARTA – Business intelligence firm MicroStrategy has added $94 million worth of Bitcoin (BTC) to its holdings after buying crypto assets for an average price of $49.229 recently.
According to a Thursday filing with the U.S. Securities and Exchange Commission, MicroStrategy purchased 1.914 BTC between December 9 and December 29 for 94.2 million U.S. dollars, which brings its total holdings to 124.391 BTC. With the recent purchase, the company's holdings are worth approximately USD 5.9 billion (IDR 84.2 trillion), representing more than USD 2.1 billion in profits.
SEE ALSO:
Since making an initial $250 million Bitcoin investment in August 2020, MicroStrategy has purchased more than $3.7 billion BTC in separate purchases using company cash in addition to selling senior notes convertible in private offerings to institutional buyers.
While there have been cases where business intelligence firms bought dips, some of the purchases followed a price spike in early 2021 when the BTC price was over 50.000 US dollars.
The company's latest BTC purchases follow the price of the crypto asset dropping below $46.000 on Thursday as it continues to show volatility before the new year. According to data from Cointelegraph Markets Pro, the price of Bitcoin is $47.226 at the time of publication, having fallen by more than 7% in the last seven days.