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Saylor’s MicroStrategy Acquires 301 More Bitcoin for $6 Million



Saylor’s MicroStrategy Acquires 301 More Bitcoin for $6 Million

Michael Saylor, founder and executive chairman of MicroStrategy has disclosed that the firm has acquired an additional 301 bitcoins for $6 million, bringing the total bitcoin holdings of the firm to 130,000.

Saylor revealed on Tuesday, September 20, that the company took the decision against the backdrop of the dip. And further clarified that the new bitcoins were brought between August 2 and September 19.

The decision made by the software company led by Bitcoin bull Michael Saylor has been independently verified in the latest filing by the U.S. Securities and Exchange Commission (SEC) filing.

It would be recalled that MicroStrategy has been renowned for its steady accumulation of bitcoin since 2020. The company acquired the digital currency to its new highs in 2021 only to experience a swift comedown in price.

Nevertheless, it appears the company is not giving up on its steady accumulation of the digital asset.

Saylor, who became famous in the Bitcoin community after embarking on the BTC accumulation strategy in 2020 recently stepped down from its CEO position. Presently, the MIT graduate is the substantive Executive Chairman of the firm, which he claims will enable him to fully focus on the Bitcoin-related aspects of the business.

While several remarks have pointed to the claim that Saylor stepped down as the CEO of the company following the sudden loss for MicroStrategy’s holdings, the Bitcoin lover has since disclaimed the statement as untrue and unreliable.

So far, Bitcoin prices have experienced a downturn and the largest cryptocurrency by market capitalization currently trades at $18,885 at the time of filing this report.

Bitcoin price’s future remains very difficult to predict given the current state of the market as investors await the outcome of the Federal Open Markets Committee (FOMC) slated for Wednesday, September 21, 2022.

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However, the market is expected to react to the announcement to be made by the committee on probable outsized hike in U.S. interest rates. While many crypto analysts presume that bitcoin will serve as an alternative system to central banking, the digital asset has failed to decouple from risk assets as institutional investors weigh investment decisions and allocation with regards to cost and benefit model.

Stop Selling Your Bitcoin to MicroStrategy

In a dramatic twist to the disclosure made by Saylor’s MicroStrategy, Bitcoin Magazine warned investors to stop selling their bitcoins to MicroStrategy.

The warning was issued following a report that the software company has acquired additional 301 bitcoins.

The tweet has generated a series of mixed reactions. One of the commentators, Foresee Crypto, said that “MicroStrategy is fully aware that BTC is going to pump tomorrow after FOMC figures”

Meanwhile, traders like MXP trades believed that the decision of MicroStrategy is ruining their dips and providing better chances to buy at lower price. Only time will tell.