MicroStrategy Acquires Bitcoins Worth $3.1 Billion

Major investment firms such as MicroStrategy have acquired 1,914 BTC for about $94.2 million in cash.

As a result, the company’s total holdings of Bitcoin grew to 124,391 BTC or about $5.9 billion at current exchange rates. The average purchase price of BTC acquired is now $30,159.

Just last month, the company’s CEO personally owned $866 million worth of Bitcoin and estimated that the price of that BTC could reach $600,000, not giving a specific time frame. He ultimately believes that Bitcoin will continue to rise for all eternity due to its inflationary nature.

MicroStrategy’s stock has already gained over 44% YTD outperforming the S&P 500 which has already gained over 27% this year.

Bitcoin is up 2.16% in the last 24 hours.

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