MicroStrategy just bought another $ 489 million in Bitcoin – was that the right decision?
Bitcoin was completely wiped out now as the market fear was overwhelmed by bad news from China. As always, however, MicroStrategy is determined to never “give up” Bitcoin.
On June 9, MicroStrategy increased its fundraising to $500 million to purchase Bitcoin. And, true to its announced plan guarantee, MicroStrategy bought an extra 13,005 bitcoins totaling $ 489 million in money with an average price of $37,617 each BTC.
MicroStrategy bought an extra 13,005 bitcoins for ~ $ 489 million in money with an average price of ~ $37,617 per bitcoin. From 21.06.21 we have #hodl Purchased ~ 105,085 bitcoins for ~ $ 2,741 billion in a mean price of ~ $26,080 each bitcoin. $ MSTRhttps://t.co/gLfnOxZEZc
– Michael Saylor (@michael_saylor) June 21, 2021
As of June 21, MicroStrategy currently possesses 105,085 bitcoins, roughly $ 2.741 billion in an average price of $26,080 per BTC.
However, it needs to be noted that this current MicroStrategy buy is somewhat high compared to the present market scenario as the BTC price is now about $32,000, which is about a $ 5,000 difference in price from the firm’s price.
However, in a hurry following its latest fundraising, MicroStrategy announced plans to sell $ 1 billion worth of shares to raise funds to purchase Bitcoin. This further strengthens the argument that MicroStrategy is in an intense rush to accumulate Bitcoin in majority and become a giant “shark” to drive the price up and get BTC in the future?
Or is this a “Buy High and Sell Low” stage from MicroStrategy that we will need to observe in the near future with our “enthusiasm” for Bitcoin? If so, this sign is absolutely not great for the market. Going back to if MicroStrategy announced its proposal to raise $400 million to purchase Bitcoin for the first time this month, we will get a clearer picture.
See more: After the $400 million fundraiser, why did BTC “turn away” to purchase Bitcoin from MicroStrategy?
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