- Institutional Bitcoin Whale, MicroStrategy buys more BTC during dip.
- Another firm hint at investing in Bitcoin.
Bitcoin whale MicroStrategy has again invested another $10 million in Bitcoin after the crypto fell more than 5 percent to a three-week low of $28,800.
The crypto, however, showed signs of a resurgence on Friday after surging to $32,000 produced by fresh buyer support.
In its filing, the company said it purchased 314 Bitcoin at an average price of $31,808 per BTC. The Bitcoin whale now holds around 70,784 BTC purchased at an average of $16,035 per coin as it joins asset manager Grayscale’s ongoing purchases that defy overall selling action in the past few weeks.
The Bitcoin whale CEO, Michael Saylor, after the purchase, said that the purchase is in line with MicroStrategy’s treasury reserve policy. He said the return on investment on BTC is higher than that in the shares of early-stage tech companies.
The CEO believes that more investments are coming into the crypto scene from traditional markets like forex, stocks, and bonds.
Bitcoin whale MicroStrategy crypto sojourn
The business intelligence firm entered the crypto space between August and September 2020, buying BTC worth $425 million then.
The firm initially invested $250 million in Bitcoin. Afterwards, the firm announced an additional investment of $175 million, bringing the total to $38,250 at an aggregate purchase price of $425 million.
By November after Bitcoin, the firm’s holding rose above 21 percent to around $517 million.
MicroStrategy Bitcoin surge was attributed to the rise in Bitcoin price. The king of crypto price has continued to go up, hitting $41k. MicroStrategy became one of the top gainers.
After MicroStrategy’s success, BlackRock, the world’s largest asset manager, is said to be ready to enter the bitcoin market after the firm added cash-settled Bitcoin futures to two funds.
The firm tabled updated prospectuses for two funds with the US Securities and Exchange Commission (SEC) with the inclusion of cash-settled Bitcoin futures.