It turned out that Fortune 500 company MicroStrategy bought 1,914 Bitcoin (BTC) at an average price of $49,229 per coin. Known for bringing more publicly traded companies to BTC, CEO of the firm, Michael Saylor, took to Twitter to announce the news.
According to the SEC filing, the publicly traded firm purchased 1,914 Bitcoins for $94.2 million in cash at an average price of approximately $49,229 per Bitcoin. Michael Saylor also announced in his statement that as of December 29, 2021, they had acquired 124,391 Bitcoins for a total of approximately $ 3.75 billion, at an average price of $ 30,159 per coin.
This latest development shows that MicroStrategy continues to buy after 1,434 BTC purchases were announced between November 29 and December 8.
The firm started buying BTC in August 2020 and hasn’t stopped since. Michael Saylor was the first to propose the idea of using Bitcoin as an inflation reserve, rather than holding dollars in their treasury, which continues to lose value every year. Since then, the firm has accumulated more than 2% of the total Bitcoin supply.
Besides, MicroStrategy not only bought Bitcoin for themselves, but also encouraged hundreds of other publicly traded companies to switch to Bitcoin on the dollar. CEO Michael Saylor said in a statement that he played a key role in convincing Elon Musk to buy $1.5 billion worth of BTC.
In each period of the ongoing bull run, Saylor stated that the company will continue to buy more BTC and add to its treasury over time. Even when the price of BTC dropped over 50% from ATH in May and Microstrategy was on the verge of losing BTC holdings, Saylor made it clear that selling was out of the question.