More Bitcoins have been acquired by Microstrategy although the company had acquired two chunks of Bitcoin earlier in this month.
Microstrategy is proceeding onto its one-sided love for Bitcoin. Within this month, this is Microstrategy’s third acquisition of further Bitcoins. Although less in quantity but bigger in terms of liquidity, Microstrategy earns a total of 262 Bitcions at the cost of US$ 15 Million. Revelation was announced by none other than the company’s famous CEO – a Bitcoin lover – Michael Saylor himself.
A few years ago Saylor had made a statement in which he suggested that there is imminent risk and danger one were to ignore Bitcoin. According to him, Bitcoin investment nowadays is as crucial as bringing up your kids.
Past week, particularly on 5th March, 2021, Microstrategy announced that having injected a further sum of US$ 10 Million through Bitcoin acquisition. A similar revelation came under notice when Securities & Exchange Commission (SEC) told that Microstrategy contacted it on 12th March, 2021. The purpose of contact was to seek SEC’s approval for further investment into Bitcoin, told SEC.
It was revealed that US$ 15 Million was available to Microstrategy as cash in hand which it had decided to utilize for Bitcoin acquisition. Resultantly, the company managed to become the owner of 262 Bitcoins at the cost of US$ 15 Million. This is the third Bitcoin acquisition made by the company within the same month. In this connection, a proper filing of Form 8-K by Microstrategy also took place for seeking prior approval of the SEC.
The official confirmation of the Bitcoin acquisition came out in public at around 11 am on 12th March (Friday), 2021. It was the company’s most prominent official, Saylor who informed in a tweet message that further investment has been made by Microstrategy.
Saylor gave further information that with the latest acquisition of 262 Bitcoins, there are now a total of 91,326 Bitcoins. He also stated that the company has been investing in Bitcoin for quite some time. On different occasions, Microstrategy acquired Bitcoins at different market rates that prevailed at the relevant point in time.
He added further that according to the average, to date, the company has invested US$ 2.2 billion approximately. Against this US$ 2.2 Billion, Microstrategy now holds 91,326 Bitcoins which were acquired at an average value of US$ 24,214 p/coin.
As per the existing exchange rate of Bitcoin, an amount of US$5,411,838,117.96 (or 5.4 Billion Dollars) is required to purchase 91,326 Bitcoins. Apparently, Microstrategy has earned a profit of US$ 3.2 Billion maximum over and above its investment of US$ 2.2 Billion.
This is why when Microstrategy wants to invest in Bitcoin, the value of Bitcoin does not bother the company at all. The company has set up a target of acquiring 100 K Bitcoins before the end of the preceding year.
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