Tech company buys $400m in bitcoin as price surges

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Tech company Microstrategy has bought more than $400 million in bitcoins while continuing to invest in the cryptocurrency.

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MicroStrategy is a software company that sells data analytics tools and other business intelligence tools.

But more recently it has become famous primarily for its chief executive Michael Sayer and his commitment to investing the company’s holdings in bitcoin.

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Following the latest purchase, it owns approximately $3.6 billion in cryptocurrency, making it the largest corporate holder of the cryptocurrency ahead of Tesla.

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MicroStrategy bought bitcoin at an average price of $59,187, about $10,000 less than its all-time high earlier this month.

This is the latest major buy for bitcoin that Microstrategy has made following a sudden drop in its price, with many market commentators claiming that the firm is adopting a “buy dip” strategy when it comes to acquiring BTC.

Other prominent figures in the cryptocurrency space also announced significant bitcoin purchases following the recent market drop, including El Salvador President Nayib Bukele.

“El Salvador just took the plunge,” President Bukele tweeted on Friday. “Received 100 extra coins with a discount.”

Alex Mashinsky, CEO of crypto rewards firm Celsius Network, made an even bigger investment, revealing on Monday: “I bought about $10 million worth of BTC and ETH at current levels to add to my position. We’re going to buy $53k more for BTC.” Can see a retest of $4k for ETH, but this should be a short term bottom, and we can go back to $70k from here.”

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Credit: www.independent.co.uk /

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