MicroStrategy buys 301 bitcoins for $6 million

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MicroStrategy continues to solidify its position as one of the leading institutions in the crypto space after purchasing more than 300 bitcoins earlier today.

Software company MicroStrategy announced Tuesday, September 20, that it has bought 301 bitcoins.

The company took this step as the leading cryptocurrency underperformed in recent weeks. Bitcoin has fallen below $20k in recent days and MicroStrategy has taken advantage of this to increase its position in the market.

MicroStrategy’s chairman, Michael Saylor, announced the latest development via Twitter an hour ago. According to Saylor, MicroStrategy bought the 301 bitcoins for $6 million, at an average price of $19,851 per bitcoin.

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After this latest development, MicroStrategy now has 130,000 bitcoins. The company said it acquired the 130,000 bitcoins for $3.98 billion, averaging $30,639 per bitcoin.

By owning 130,000 bitcoins, MicroStrategy now owns 0.62% of all Bitcoin that would ever be mined.

According to the Filing with the Securities and Exchange CommissionMicroStrategy bought the bitcoins with excess cash.

Michael Saylor recently stepped down as CEO of the company after years at the helm. By taking on the role of executive chairman, Saylor wanted to focus on buying more bitcoins.

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Saylor has also come under pressure in recent weeks, with the US government targeting the billionaire in a tax evasion lawsuit.

The former CEO of MicroStrategy has made his admiration for Bitcoin public on numerous occasions. As a result, he bought thousands of bitcoins for the software development company.

Bitcoin has underperformed in recent weeks. The leading cryptocurrency passed $19k earlier today but is now trading around $18,800 per coin.

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Bitcoin hit a record high of $69k in November 2021. However, since then it has lost more than 60% of its value and is now trading below $20k per coin.

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