Key Points
- MicroStrategy boss Michael Saylor has announced a new acquisition of Bitcoins by the company.
- The company now holds the most coins for an institution, 152,333, after acquiring 12,333 new coins at an average price of $28,136.
MicroStrategy has pushed its limits in Bitcoin acquisition after buying $347M worth of Bitcoins at an average cost of $28,136 per coin. The institution now holds 152,333 coins worth around $4.52 billion, acquired at an average cost of $29,668 per Bitcoin.
MicroStrategy fills its Bitcoin bags yet again, is institutional demand spiking?
Michael Saylor is an outspoken Bitcoin Maximalist who has been pushing people to adopt the coin. He has been speaking on social media and live events about how the coin could support innovation quoting its ever-growing use cases and how it could help deal with most of the digital problems that have been an issue in the world.
He recently stepped down from being the CEO of MicroStrategy, a move that many said could result from his multi-billion Bitcoin acquisition project. However, he came out to debunk the theory saying that he stepped down to have time to focus more on the investment and monitor it more closely.
Now, the company has added $347 million worth of bitcoins taking the whole sum to over $4 billion. The investment is already in profits as it was acquired at an average price of $29,668 per coin, while the coin is trading at $30,275. Bitcoin is expected to keep rising as institutional demand is set to increase.
Blackrock, Fidelity, and other Traditional Finance institutions are swooping in to introduce Bitcoin ETFs, which will most likely kickstart a soft mainstream adoption of the coin. As a result, the price of the coins is set to spike over the long term. However, market conditions could change as nothing is promised.
Keep watching Fintech Express for more updates on crypto and other fintech-related developments.