After advising Elon Musk on BTC strategy, MicroStrategy CEO reveals firm’s purchase of 29,646 Bitcoin

After advising Elon Musk on BTC strategy, MicroStrategy CEO reveals firm’s purchase of 29,646 Bitcoin

MicroStrategy’s CEO Michael Saylor took to Twitter to announce that the firm has purchased an additional ~29,646 Bitcoins for about $650 million “in cash in accordance with its Treasury Reserve Policy.” The CEO disclosed that the firm made the purchase at an average price of approximately $21,925 per Bitcoin.

To date, the firm holds an aggregate of 70,470 Bitcoins, acquired at an aggregate purchase price of about $1.125 billion, and an average purchase price of $15,964 per Bitcoin:

Earlier on 14 September, the firm had told US Securities and Exchange Commission that it “may increase” its BTC holdings beyond the $250 million investment that MicroStrategy had bought on August 11 this year.

At press time, Bitcoin was worth about $22,838.08 with a 24-hour trading volume of $42,936,153,860. BTC price has been up by 0.6% in the last hour and

With regard to the purchase the MicroStrategy CEO said in a statement:

The acquisition of additional bitcoins announced today reaffirms our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value. We believe the proactive management of our balance sheet, combined with the improved revenue and profitability performance of the Company, have been significant factors in the recent appreciation in our stock price.

Michael Saylor suggested that billionaire Elon Musk could convert Tesla’s balance sheet into bitcoin. In his December 20th tweet, Saylor told Musk that other firms on the S&P 500 would follow his lead if he adopted the digital asset:

If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to BTC. Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.

When the Tesla CEO asked Saylor whether such large transactions were possible, Saylor even proposed to share his “playbook” to help Elon Musk:

Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline – from one rocket scientist to another.

— Michael Saylor (@michael_saylor) December 20, 2020