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MicroStrategy Buys More Bitcoin Near Peak Levels

Gerelyn Terzo
·2 min read

The bitcoin price might be trading closer to its all-time high, but that is not stopping one BTC bull from buying at these levels. Michael Saylor, CEO of MicroStrategy, announced that his enterprise software company has just scooped up nearly 4,000 bitcoins for approximately USD 177 million.

Saylor, an outspoken bitcoin bull who has become a renegade in corporate America circles, is bringing his averages up. The company paid just over USD 45K for each bitcoin, on average. Saylor’s latest buying spree brings the tally of bitcoins held by the company to close to 109K. MicroStrategy has doled out USD 2.9 billion for the combined coins and in total has paid close to USD 27K for each bitcoin, on average.

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MicroStrategy bought its first round of bitcoins in August 2020 when the price was hovering at around USD 11K. Saylor has ridden the wave higher and added to that position frequently ever since. In the interim, the MicroStrategy’s stock price has risen hand over fist in the last 12-month period, though like bitcoin it is off its peak.

Bull Market Activity

The bullish cryptocurrency market is a hotbed for transactions. In addition to MicroStrategy’s buying frenzy, Blockstream, a bitcoin infrastructure play, has reportedly just secured USD 210 million in a Series B fundraising round, the backers of which include Baillie Gifford and iFinex.

With a USD 3.2 billion valuation attached, Blockstream has unicorn status. Proceeds from the round will be directed toward Blockstream’s mining business, including its Blockstream Energy service, which is dedicated to renewable power generation projects.

Mainstream Adoption

Bitcoin continues to move closer to wide-scale adoption. One example of this is Substack’s recent decision to support bitcoin for payments via OpenNode.

Substack, a content platform with more than half-a-million paying subscribers, says independent publishers on its platform can now accept BTC as a method of payment and readers can pay with BTC. Substack is backed by VC firm Andreessen Horowitz.

A bullish bitcoin price goes a long way for cryptocurrency adoption, regardless of what the naysayers think. And while BTC has dipped below USD 50K today, it has not traveled far and could be well on its way to its next big milestone before year’s end.

This article was originally posted on FX Empire

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