MicroStrategy Now Owns 105,085 Bitcoin in Total After the Latest Buy at an Average Price of $37,600
Publicly-listed MicroStrategy has bought another 13,005 BTC for about $489 million in cash at an average price of approximately $37,617 per bitcoin.
Meanwhile, today the price of Bitcoin dropped as low as $31,750.
With this latest purchase, MicroStrategy now holds an aggregate of 105,085 bitcoins, which were acquired at about $2.741 billion, and an average purchase price of approximately $26,080 per bitcoin.
MicroStrategy CEO Michael Saylor, however, isn’t done with purchasing Bitcoin yet as about a week back, he announced that the company has filed with the US SEC to sell up to $1 billion in common shares to buy even more Bitcoin.
So far, he owns 0.56% of Bitcoin’s circulating supply, as of writing. The companys’ holdings also represent 0.5% of Bitcoin’s fixed supply of 21 million.
Now, given that Saylor has already bought BTC, the market doesn’t have this factor working in its favor. Combined with China aggressively going after crypto mining and trading ahead of the 100th anniversary of the ruling party on July 1st, puts BTC price and by extension altcoins in danger of more sell-off.
It needs to be seen if Bitcoin will hold the $30,000-$40,000 range or go for 2017 bull market ATH of $20k.
This article is Originally posted on CoinCentral.com