Michael Saylor Bitcoin MicroStrategy Michael Saylor Bitcoin

Why MicroStrategy Has Got Its Bitcoin Accumulation All Wrong as it Lowers Buy Amounts

Reading now: 696

MicroStrategy has recently made its smallest Bitcoin purchase since it began accumulating Bitcoin on its balance sheet, a move that could signal financial trouble for the enterprise software company.

The company founded by Bitcoin evangelist Michael Saylor revealed in a September 19 SEC filing that it purchased an additional $6 million worth of Bitcoin (301 BTC purchased at an average price of $19,851) using its excess cash.

The purchase brings the total amount of Bitcoin held by MicroStrategy and its subsidiaries to over 130,000 BTC, acquired at an aggregate purchase price of approximately $3.98 billion and an average purchase price of about $30,639 per token.

The investment is not performing as expected at present, causing observers to raise questions about the soundness of the company's digital strategy.

Read more on cryptonews.com
The website financemag.cash is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News