Michael Saylor’s-led Microstrategy, a United States-based intelligence firm, has announced the purchase of 3,907 additional Bitcoin for approximately $177.0 million in cash, at an average price of $45,294.
Microstrategy buys Bitcoin
This was made known via a SEC filing yesterday which also revealed that the crypto firm now holds 108,992 Bitcoin that was acquired for $2.918 billion at an average price of $26,769 per Bitcoin. The filing also revealed that BTC purchase was made through the sales of the class A common stock of the company.
MicroStrategy has purchased an additional 3,907 bitcoins for ~$177 million in cash at an average price of ~$45,294 per #bitcoin. As of 8/23/21 we #hodl ~108,992 bitcoins acquired for ~$2.918 billion at an average price of ~$26,769 per bitcoin. $MSTRhttps://t.co/8jUlJImJbO
— Michael Saylor (@michael_saylor) August 24, 2021
Saylor, the firm’s CEO, is renowned for his pro-BTC stance and has consistently called for the entrance of more institutions into the space.
$2billion Bitcoin option expiring soon
In another development, $2 billion worth of Bitcoin (BTC) options will be expiring by Friday, Aug. 27. With the expiry a matter of days away, some market thought leaders were of the opinion that there was a strong buying activity recently which led to the crypto king retouching the $50,000 mark again.
This view is corroborated by a recent QCP Capital report that stated that an entity was actually behind the recent price surge of digital gold. According to the report, the early trading session in Asia saw participants buy part of 100 BTC contracts each.
On the other hand, a Glassnode report highlighted that the current bullish season of Bitcoin is yet to reflect on Bitcoin on-chain activity. The report shows that the number of transactions by market players have not correlated with that of the price spike.
Decentrader also noted this, stating that there was not enough market activity for BTC price to push beyond $52,000. This could have played a role in the current price retracement the value of the asset has witnessed.
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