Major Software Firm MicroStrategy Buys More Bitcoin
MicroStrategy buys more Bitcoin and now has 152,800 BTC worth $4.46 billion. Their recent buy was cheaper than the current price. They also made $120.4M from software.
Big Bitcoin investor, MicroStrategy, bought an additional 420 BTC. increasing their total bitcoin holdings to 152,800 BTC, worth $4.46 billion.
They bought 12,800 BTC in the last few months at an average price of $28,233 each. This is less than today's market price of $29,195. But, when we look at all the BTC they have bought over time, the average price is $29,672, which is a bit more than today's price.
The company's CFO, Andrew Kang, said they used money from their regular business and also raised new money to buy more Bitcoin. He believes more big companies are getting interested in Bitcoin. He also thinks that the rules and clarity around Bitcoin are improving.
In June, MicroStrategy shared that it bought 12,333 BTC using money from selling some of its company shares. Michael Saylor, the big boss of MicroStrategy, really supports Bitcoin. He even has a big personal collection.
MicroStrategy’s main job is in software. They made $120.4 million in the last three months, which is a bit less than last year. But, they spent a lot less money than last year. They only lost $24.1 million from their Bitcoin investment this time. Last year, they lost $917.8 million in the same period.
They also made it clear that their main business does not get affected much by Bitcoin's price changes. Besides buying Bitcoin, they also saved more cash. They now have $66 million in cash, which is more than the $43.8 million they had last year.
