In its characteristic manner, business intelligence, mobile software, and cloud-based services firm, MicroStrategy Incorporated has purchased an additional 7,002 units of Bitcoin (BTC) worth approximately $414.4 million. The latest buyups take MicroStrategy’s total holdings to 121,044 bitcoins acquired for approximately $3.57 billion at an average price of $29,534 per bitcoin.
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
Michael Saylor is arguably a frontrunner when it comes to driving the MicroStrategy Bitcoin purchases. His convictions about the technological capabilities of Bitcoin are unwavering, maintaining a position that BTC ETFs will replace gold ETFs in the near future. Michael Saylor has also played a key role in educating company executives on how they can buy Bitcoin and add it to their balance sheets.
Despite the criticism he has faced from Bitcoin critics like gold bug Peter Schiff, Michael Saylor has always taken advantage of buying the Bitcoin dips, walking the talk, and taking the lead amongst institutional investors as if in outright allegiance to Satoshi Nakamoto.
The progressive dive of MicroStrategy into Bitcoin as its Treasury Reserve Asset has resulted in the raising of debt capital in senior convertible notes worth $1.05 billion which was used in purchasing additional Bitcoin at the time and completed in the first quarter of 2021. The senior notes were oversubscribed as the initial plan was to raise just $600 million, a trend that showcases investors’ trust in the Bitcoin embrace of the company.
MicroStrategy Bitcoin Push: Effect on Price
The 7,002 Bitcoin units MicroStrategy purchased is arguably one of its largest direct investments in the premier digital currency, and this announcement has added to the sustained upshot in the price of the digital currency.
After trading much of last week in the red, Bitcoin retested an important trend and turned bullish, rising as high as $57,793.31 on Monday. While such upsurges are known to be followed by massive price volatility, the MicroStrategy update which reflects the continuous interest amongst corporate buyers to purchase the coin is helping to maintain the healthy sustenance of its current run. At the time of writing, Bitcoin is changing hands at $57,053.96, up 5.17% in the past 24 hours.
The longer-term impact of MicroStrategy Bitcoin acquisition on price is also under contention as many fear the Nasdaq-listed firm is capable of stirring a major plunge in the price of BTC upon selloff of its huge holdings. While Michael Saylor has often reiterated the fact that the company is into the game for the long-term, the broader Bitcoin ecosystem will still have to brace for impact when the company’s bogus portfolio will be liquidated in the near future.