October 30, 2021

No Signs To Back Off, MicroStrategy Wholesale More Bitcoin!

 Microstrategy, a technology company led by Michael Saylor, has reportedly not backed down at all in investing in the crypto market.

The company reportedly bought 9,000 bitcoins in the third quarter ending September 30th. With that, Microstrategy’s total bitcoin holdings have soared to 114,042. If calculated, the reserve stock is now worth about $ 7 billion, and Microstrategy is planning to add more holdings.

According to CEO Michael Saylor in a recent statement, "we will continue to take the opportunity to raise additional capital in implementing the bitcoin strategy that has been formulated".

Saylor, who famously lost $ 6 billion in one day during the height of the dot-com bubble is determined not to repeat the same mistake. Crypto investment being one of the factors has driven the shares of Microstrategy company up almost 70% so far this year.

In its latest report, the company stated that they have suffered a $ 754.7 million loss in Bitcoin investments. However this is before the significant spike in Bitcoin prices enjoyed in October.

The approval of the Bitcoin ETF by the US Securities and Exchange Commission has been a ‘catalyst’ that encourages people to also invest in BTC. At the time of writing, the BTC price is trading at the trading level of $ 62,292.45.