MicroStrategy Increases Bitcoin Reserves, Buys 13,005 BTC

MicroStrategy has purchased an additional 13,005 BTC at an average rate of $37,617 for about $489 million, said the head of the company.

June 21, 2021, | AtoZ MarketsAnalytical software provider MicroStrategy has bought more than 13,000 BTC at an average rate of $37,617. The head of the company, Michael Saylor, announced this on his Twitter page. Thus, the reserves of the cryptocurrency managed by MicroStrategy have grown to 105,085 BTC.

MicroStrategy Bitcoin investments estimated at $ 3.4 billion

At the current exchange rate, the company owns $3.4 billion. At the same time, the company said, the average rate for the purchase of all bitcoins was $26,080.

Of the 105,085 BTC, MicroStrategy itself manages 13,006 BTC. The remaining 92,079 BTC are managed by a subsidiary of MacroStrategy. According to Yuri Mazur, head of the data analysis department at CEX.IO Broker, bitcoin is still “in search of an equilibrium point.”

Nonetheless, MicroStrategy has a long-term strategy to support the crypto market by increasing the volume of Bitcoin purchases. Most likely, this trend will continue and in case of a positive scenario of the development of events it can be picked up by other large institutional players,” he said.

The company’s purchase of 13,005 BTC follows the placement of convertible senior bonds in the amount of $500 million. Moreover, MicroStrategy previously announced plans to conduct an additional share issue of up to $1 billion in order to buy even more bitcoin. However, it remains unknown when exactly another purchase can occur and what the size of the investment will be.

Read also: MicroStrategy Plans to Raise $400 Million to Purchase More Bitcoins

The purchase of even more cryptocurrency comes in spite of pressure on MicroStrategy from HSBC bank.

As a reminder, the Canadian division of HSBC introduced a ban on trading in shares of companies holding cryptocurrency in corporate accounts. However, as it turned out, only MicroStrategy was limited. Tesla, which has invested $1.5 billion in bitcoin, has not been restricted by the bank.

The price of bitcoin at the time of this writing in the BTC/USD pair is $32,425.

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