Bitcoin Surges As Microstrategy Reveals Fresh Purchase

Famous business intelligence firm Microstrategy announced on Monday that it had acquired an additional 253 bitcoins, worth $15 million to increase its holdings to 91,579.

According to CEO Michael Saylor, the NASDAQ-listed company, which is also known for making bitcoin its main reserve has now spent $2.23 billion on the crypto asset with an average purchase price of $24,311.

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MicroStrategy has purchased an additional ~253 bitcoins for $15.0 million in cash at an average price of ~$59,339 per #bitcoin. As of 4/5/2021, we #hodl ~91,579 bitcoins acquired for ~$2.226 billion at an average price of ~$24,311 per bitcoin. $MSTRhttps://t.co/OMQMhA85xw

— Michael Saylor (@michael_saylor) April 5, 2021

Bitcoin quickly pared its losses from yesterday as the cryptocurrency surged as high as $59,243 at 5:00 pm WAT before easing to trade slightly below $59,000 as of report time.

At spot rates of over $59k, MicroStrategy has netted over $3 billion in profits, up 240 percent since H2 2020 when the company began ramping up BTC purchase.