MicroStrategy Follows El Salvador’s Lead As It Buys Bitcoin Dip
November 30 2021 - 3:30PM
NEWSBTC
For those who can afford it, the recent dips in Bitcoin price have
been nothing more than an opportunity to buy the digital asset at a
discounted price. This has certainly been the case for El Salvador
and now MicroStrategy, as both these entities have moved swiftly to
take advantage of the price dip to increase their holdings. El
Salvador had quickly snapped up another 100 BTC when the price had
fallen to $54,000, with the president once again saying that the
country got the coins at a discount. MicroStrategy, the publicly
traded firm that holds the largest amount of bitcoin on its balance
sheet, followed in the footsteps of El Salvador. This time buying
up $414 million worth of BTC. Related Reading | Report Shows
Institutional Investors Are Abandoning Bitcoin For Altcoins
MicroStrategy Deepens Bitcoin Bet MicroStrategy has renewed its
promise to keep adding bitcoin to its balance sheet with its latest
purchase. The firm which is headed by Bitcoin maximalist Michael
Saylor announced that it had bought even more bitcoins to add to
its already impressive holdings. MicroStrategy’s latest purchase
consisted of a $414 million buy, which amounted to 7,002 BTC added
to its balance. This recent purchase brought the total of
MicroStrategy’s bitcoin holdings to a whooping 121,044 coins. The
firm bought the digital asset at an average of $59,187 per coin,
well below its record $69K high at the beginning of November.
MicroStrategy has purchased an additional 7,002 bitcoins
for ~$414.4 million in cash at an average price
of ~$59,187 per #bitcoin. As of 11/29/21 we #hodl
~121,044 bitcoins acquired for ~$3.57 billion at an
average price of ~$29,534 per bitcoin. $MSTRhttps://t.co/OA8VWG1bZX
— Michael Saylor⚡️ (@saylor) November 29, 2021 BTC recovers above
$57K | Source: BTCUSD on TradingView.coms MicroStrategy has
gradually filled its coffers with bitcoin and has so far spent
approximately $3.57 billion in total. Despite bitcoin’s drop from
its all-time high, the firm continues to remain in profit with an
average price of $29,534 per bitcoin. Companies Betting Big On
Bitcoin MicroStrategy is not the only company that has thrown its
hat in the ring with bitcoin, although it holds the largest volume
of all publicly traded companies. Electric vehicle maker Tesla had
also announced that it holds bitcoin on its balance sheet. Tesla
which is headed by another Bitcoin maximalist in the person of Elon
Musk holds 48,000 BTC on its balance sheets, currently worth around
$2.99 billion. Related Reading | El Salvador Buys Bitcoin Dip
As Omicron Variant Ravages Market Galaxy Digital is headed by Mike
Novogratz, an outspoken crypto bull that has reiterated the
potential of bitcoin numerous times. The firm also holds16,402
bitcoins on its balance sheet, $956.69 million in today’s value.
Square Inc. headed by Twitter boss, Jack Dorsey holds 8,027 BTC,
while Marathon Patent Group holds around $280.7 million in bitcoin
(4,813 BTC). A recurring theme around all these companies is that
no matter when they entered the market, they are all in profit by
at least 100% of the value the bitcoins cost at the time of
purchase. Featured image from Forbes, chart from TradingView.com
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024