Microstrategy Buys Another $10 Million Worth of BTC in Cash
Microstrategy's latest Bitcoin purchase could end up being a buy signal for those still on the fence about the Bitcoin bull run.
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Microstrategy CEO Michael Saylor announced today that the company has just bought 295 BTC with $10 million in cash.
Microstrategy’s Major Bitcoin Balance Sheet
Microstrategy owns well over $1 billion worth of Bitcoin, adding $650 million worth to its balance sheets in December. The company CEO, Michael Saylor, is a Bitcoin bull who became supportive of BTC’s deflationary model after seeing the hyperinflation being created by world banks during the start of the COVID-19 pandemic.
Today, Saylor announced the purchase of 295 BTC for $10 million in cash at an average price of $33,808 per BTC, bringing the total balance sheet to 71,079 BTC or $1.145 billion at an average cost of $16,109 per BTC.
Saylor teased the announcement two hours beforehand with a tongue-in-cheek tweet outlining his formula for success.
My formula for success is rise early, work late, and buy #bitcoin.
— Michael Saylor⚡️ (@saylor) February 2, 2021