MicroStrategy buys 480 Bitcoins roughly US$10 million

MicroStrategy chief executive Michael Saylor announced via Twitter an additional purchase of 480 Bitcoins (BTC) for roughly US$10 million, as the company remains steadfast on its Bitcoin strategy after speculation of a margin call on a US$205 million loan.

READ ALSO | El Salvador president unveils layout of the Bitcoin city, ‘crypto utopia’

 

Facts about MicroStrategy

  • According to the company’s latest 8-K filing with the United States Securities and Exchange Commission, MicroStrategy held approximately 129,699 BTC as of June 28, meaning the latest 480 BTC purchased represents a 0.4% increase on their BTC position.
  • Euro Pacific Capital Chief Economist and gold bug Peter Schiff replied to Saylor’s social media post, claiming the move was an attempt to “influence the market” by demonstrating conviction to other investors.
  • MicroStrategy, a business intelligence and software company, is the largest publicly traded holder of Bitcoin.
  • Bitcoin Treasuries data shows MicroStrategy has incurred over US$1.3 billion in paper losses on its Bitcoin holdings, as the price of BTC hovers around US$20,000 as of press time
  • MicroStrategy closed down 3.45% Wednesday on the Nasdaq and has lost over 30% in the past month.

MicroStrategy is an enterprise business intelligence (BI) application software vendor. Its flagship platform contains multiple features designed to help enterprises make data-driven decisions and optimize business processes.

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