They say dips are for buying, and thats the approach being taken by one NASDAQ listed software firm. Its CEO, Michael Saylor, tweeted that MicroStrategy just spent $10 million to acquire 314 additional Bitcoin.
MicroStrategy has purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin. We now hold approximately 70,784 bitcoins.https://t.co/zMJSH29bmC
— Michael Saylor (@michael_saylor) January 22, 2021
The Form 8-K filing with the Securities and Exchange Commission (SEC) confirms this latest purchase. It also details a summary of the companys aggregate Bitcoin position.
Based on this information, MicroStrategy is currently $1.2 billion in profit, or about +104% ROI.
As of January 22, 2021, the Company holds approximately 70,784 bitcoins that were acquired at an aggregate purchase price of $1.135 billion and an average purchase price of approximately $16,035 per bitcoin, inclusive of fees and expense.
MicroStrategy has become something of a beacon for institutional Bitcoin adoption. Since September last year, the firm has been buying BTC as an inflationary hedge.
Bitcoin FUD spooks the market
The past 24-hours or so have seen the bears running riot. Huge sell pressure tanked the Bitcoin price to as low as $28.6k. But a bounce at this level in the early hours renewed hopes for recovery.
Observers have blamed the dip on several events that have occurred this week. But perhaps most prominent is the double-spend Bitcoin FUD that has been doing the rounds.
As the name s ...
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