Bitcoin was completely snuffed out now as market panic was overrun by bad news coming from China. However, as consistently MicroStrategy is determined to never “give up” Bitcoin.
On June 9, MicroStrategy increased its fundraising to $500 million to purchase Bitcoin. And true to its announced plan guarantee, MicroStrategy bought an extra 13,005 Bitcoins totaling $489 million in cash for an average cost of $37,617 per BTC.
MicroStrategy has bought an extra 13,005 bitcoins for ~$489 million in cash for an average cost of ~$37,617 per bitcoin. As of 6/21/21 we #hodl ~105,085 bitcoins obtained for ~$2.741 billion at an average cost of ~$26,080 per bitcoin. $MSTRhttps://t.co/gLfnOxZEZc
— Michael Saylor (@michael_saylor) June 21, 2021
As of June 21, MicroStrategy currently possesses 105,085 Bitcoins, roughly $2.741 billion at an average cost of $26,080 per BTC.
However, the thing to notice here on this latest purchase of MicroStrategy is it is somewhat high compared to the current market scenario as BTC price is currently hovering around $32,000, about $5,000 difference from the cost. Purchase in the organization.
However, in a rush following its latest fundraising, MicroStrategy announced plans to sell $1 billion of stocks to raise money to purchase Bitcoin. This further reinforces the argument that MicroStrategy is extremely rushing to accumulate Bitcoin in huge quantities, getting a giant “shark” to easily drive the purchase price and get BTC in the future?
Or is this a “buy high and sell low” stage of MicroStrategy so that with our “enthusiastic” with Bitcoin we will need to observe at the next moment? If this is correct, then it’s certain that this signal isn’t great for the market in any respect. Let’s return to the time when MicroStrategy announced its proposal to raise $400 million to purchase Bitcoin for the first time this month, we’ll get a clearer picture.
See more: Why did BTC “turn away” following the $400 million design to purchase Bitcoin by MicroStrategy?
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