Bitcoins

MicroStrategy Shows How Bullish It Is With Bitcoin By Adding $177 Million Worth Of BTC To Its Balance Sheet

Corporate entities have started entering the cryptocurrency market, but none of them is as bullish as MicroStrategy.

MicroStrategy Leads The Way In Terms Of Bitcoin Investment

MicroStrategy has shown again why it is the most bullish corporate entity currently present in the cryptocurrency space. Michael Saylor has spearheaded the company’s entry into the cryptocurrency market, and MicroStrategy has been hungry for more ever since.

The publicly-traded company revealed yesterday that it had bought an extra 3,907 BTC for a total of $177 million. Following this latest development, MicroStrategy has now spent $2.91 billion in buying bitcoins, and it now holds 108,992 BTC.

The average price of each Bitcoin is around $26,769. However, in Bitcoin’s current value, the 108,992 BTC represents approximately $5.3 billion, implying that the company has recorded more than 70% profit since it started buying Bitcoins.

Michael Saylor and his MicroStrategy have been one of the biggest players in the cryptocurrency market. The company holds more bitcoins than any other corporate entity in the world, despite buying BTC for the first time since June.

The business intelligence software company started investing in Bitcoin last year. Its entry has convinced a few other companies, such as Elon Musk’s Tesla and SpaceX companies, to also buy bitcoin and hold them in their balance sheet.

MicroStrategy is playing the long game with Bitcoin, and Michael Saylor has the backing of the investors. He has been raising funds to buy more bitcoins, and investors have been more than willing to open their checkbooks and hand him what he wants.  The company believes in Bitcoin’s future and is betting big on it.

Bitcoin Drops Below $48k

The cryptocurrency market has slightly retreated after recording wins over the weekend. Bitcoin touched $50k a few days ago, but it is now down by 3.2% today and trading just above the $47,700 region.

BTC/USD chart. Source: FXEMPIRE

Unless the market experiences a comeback, Bitcoin could slip further towards the $45k mark over the next few hours or days. However, it could also recover and rally towards the $50k level once again. The MicroStrategy didn’t do much to overturn the bearish sentiment in the market.