Main navigation

MicroStrategy Buys Another $84 Million Worth of Bitcoin

News
Thu, 12/09/2021 - 13:17
article image
Alex Dovbnya
MicroStrategy's average purchase price is approaching $30,000
MicroStrategy Buys Another $84 Million Worth of Bitcoin
Cover image via U.Today
Read U.TODAY on
Google News

Business intelligence firm MicroStrategy bought another 1,434 Bitcoins over the period from Nov. 29 to Dec. 8, according to its latest regulatory filing.

The average purchase price was $57,477, which is 13.5% lower compared to where Bitcoin is trading right now.

In late November, as reported by U.Today, MicroStrategy reported that it had purchased $414 million in the largest cryptocurrency since the start of the fourth quarter of 2021.

Related
Tyson Fury Awkwardly Promotes Floki Inu, Faces Backlash
The firm now holds 122,478 coins that are worth $6 billion at current prices.

Bitcoin is currently trading at just above $49,000, with the news of the Evergrande default exerting pressure on the global equities market.

MicroStrategy's average purchase price has now hit $29,861, which means that the company will be underwater if Bitcoin drops another 39% from here.

Galaxy Digital CEO Mike Novogratz recently said that Bitcoin was unlikely to drop below the $40,000 level.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.