MicroStrategy founder Michael Saylor announced today that his company has purchased Bitcoin for $347 million. Binance CEO CZ made the statement shortly after the Twitter announcement.
MicroStrategy bought another 12,333 Bitcoins
Michael Saylor reported on Twitter today that his company is adding to its BTC reserves. According to Saylor, MicroStrategy bought another 12,333 Bitcoins for $347 million. The enterprise analytics platform holds 152,333 BTC, worth a total of $4.52 billion, with the last purchase.
According to the details provided by Saylor, “MicroStrategy purchased an additional 12,333 BTC for approximately $347.0 million at an average price of $28,136. As of 06/27/2023 MicroStrategy holds 152,333 BTC. Their average purchase price is $29,668.”
Founded by crypto billionaire Michael Saylor, the company is one of the biggest Bitcoin whales. MicroStrategy also said it has sold approximately $333.7 million of its shares under a previously disclosed share sale agreement.
In May, the firm had booked a lower-than-expected first-quarter depreciation for its Bitcoin reserves. Shares of the firm fell 1% to $321.44 during premarket trading. This reflects Bitcoin, which is down over 1% to $30,288.
What did Binance CEO say?
Binance CEO CZ, Michael Saylor, said shortly after his Twitter announcement that the company’s Dollar cost averaging (DCA) strategy is working effectively. DCA is a strategy that investors use when buying. It involves buying a fixed amount of the same asset at regular intervals over a given period of time. This strategy aims to protect against asset price volatility.
This method is used to distribute risk and balance costs, especially in volatile markets. The investor can lower its average cost by buying more units as the asset price falls. Binance CEO CZ says this strategy has worked successfully for MicroStrategy so far.
Michael Saylor drew attention to the moderate Bitcoin approach in the USA
Saylor supported what US Presidential candidate Robert F. Kennedy Jr said on Twitter about Bitcoin shortly before the above announcement. Kennedy wrote on his Twitter account today:
As President, I will make sure that your right to use and hold Bitcoin is inviolable. Bitcoin is not just a bulwark against totalitarianism and manipulation of our money supply, it points the way to a future where government institutions are more transparent and more democratic.
Saylor commented on these statements as “The next President will be a pro-Bitcoin President.” cryptocoin.com As we have reported, Saylor recently said that Bitcoin would surpass gold.
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