MicroStrategy Buys More Bitcoin For Almost $500 Million

MicroStrategy and Michael Saylor have been supporting and boosting Bitcoin like there’s no tomorrow regardless of the crypto market and dropping prices.

The firm’s CEO continues to boost the king coin and the crypto space is always celebrating his moves.

Now, it seems that the firm bought even more BTC for about $500 million in cash. Check out the latest news about the subject.

MicroStrategy announced Monday that it had bought an additional 13,005 BTC for around $489 million in cash.

The average purchase price per bitcoin was $37,617, said MicroStrategy. You should check out their complete notes about he purchase and more in the original blog post here. 

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $32,606.15.

According to the o line publication The Block Crypto, MicroStrategy’s new purchase comes after the company completed its $500 million offering of secured notes last week.

“The offering was of secured notes due 2028 that bear an annual interest rate of 6.125%,” they noted.

Nasdaq-listed MicroStrategy starting buying BTC back in August 2020 and since then has accumulated 105,085 BTC on its balance sheet. The firm continues to accumulate BTC despite the dropping prices in the crypto markets and Saylor remains a BTC maximalist no matter what.

Banks start offering crypto services

Earlier today, we revealed that crypto adoption continues to explode despite the tumbling prices in the crypto market. Bloomberg posted an exciting piece about the banks implementing crypto services for their clients.

Bloomberg noted that the Basel Committee on Banking Supervision said on June 10 that they’re planning to assign Bitcoin, among other crypto products, the toughest capital requirements for any bank that wants to hold it.

 

“The standard setters said that the risks to financial stability would be significant if banks do expand their offerings in the volatile market,” according to the same online publication.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.
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