The recent correction in Bitcoin (BTC) has not deterred institutional investors, quite the contrary. The American company MicroStrategy has just acquired 7,002 additional Bitcoins (BTC), for an amount of 414.4 million dollars.
MicroStrategy’s accumulation seems endless
“He bought the dip” – US business intelligence software company MicroStrategy has just bought another 7,002 bitcoins (BTC) for a cool $414.4 million.
According to a document filed with the Securities and Exchange Commission, MicroStrategy purchased these 7,002 BTC at an average price of $59,187, including various fees.
The document states that these bitcoins were acquired by MicroStrategy as part of its purchases in the fourth quarter of this year, which was between October 1 and November 29.
MicroStrategy has purchased an additional7,002bitcoins for ~$414.4million in cash at an average price of~$59,187per bitcoin As of 11/29/21 we hodl ~121,044bitcoins acquired for ~$3.57billion at an average price of ~$29,534 per bitcoin. $MSTRhttps://t.co/OA8VWG1bZX
– Michael Saylor⚡️ (@saylor) November 29, 2021
Once again, MicroStrategy shows that its appetite for the cryptocurrency queen has not waned. The company now holds 121,044 BTC, which is nearly 0.58% of all bitcoins that will ever be issued.
This considerable amount of BTC is equivalent to almost $7 billion at the time of writing. Thus, the company is currently making a huge notional profit of over $3.4 billion, as its total BTC purchases amount to $3.57 billion.
The average purchase price of its 121,044 bitcoins is about $29,534, while the cryptocurrency currently trades at about $57,000.
