Microstrategy buys 229 bitcoins for $10M, now holds more than 90,000 bitcoins

Shivangi Mujumdar Follow

INDIA

May, 20 2021

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Michael Saylor declared on his Twitter account that MicroStrategy has purchased an additional 229 Bitcoin for $10 million at the average price of $43,663. The update was on 18-May-21.

Now if you see its present status says that MicroStrategy now owns 92,079 Bitcoin that it has bought for the average price of $24,450. MicroStrategy has expended $2.25 billion to procure this Bitcoin with its present value of $4.15 billion.

The company takes a step to carry out its commitment. Tesla is the second-largest quantity of Bitcoin of any public company with 43,200, monitored by Square with only 8,027.

MicroStrategy's commitment to Bitcoin has amazed several dips during this Bull Run. It has bought more of the crypto in almost every chance. MicroStrategy is the leading Bitcoin holder of public companies.

Saylor’s argument with Musk

Tesla CEO Elon Musk declared that Tesla would suspend accepting bitcoin as payment for the reason of environmental concerns. The communication highlighted the “rapidly increasing use of fossil fuels for bitcoin mining and transactions.”

Saylor took concern with that logic in a response tweet. He named the move “ironic because no incremental energy is used in a bitcoin transaction.” He explained, adding that its net influence on fossil fuel consumption over time would be negative. Even though Musk did not respond to this assertion, he later made an answer of his own to a message of Saylor’s.

On May 16, Saylor posted a YouTube video on Twitter, in which he put forward his argument about bitcoin’s energy norm. “There is no more efficient technology for converting energy into prosperity,” the tweet has stated.

MicroStrategy’s financial results

As one knows, MicroStrategy has announced its first-quarter financial results. The company’s total revenues for Q1 2021 were $122.9 million with a 10.3% growth yearly basis. Furthermore, its gross profit amounted to $100.4 million.

The report was keenly expected to see how the company had managed with its bitcoin strategy. At the time it held 91,579 BTC, which amounted to over $5 billion. In the first quarter of 2021, the company bought 20,857 BTC out of $1.086 billion.

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