Bitcoin Getting Interest From Institutional Investors, MicroStrategy Buys More than USD 2 Billion in Most Valuable Token

The crypto market has gained momentum since Donald Trump’s victory in the US presidential election last month. The price of Bitcoin, the largest cryptocurrency in terms of market value, has also increased significantly. Institutional investors are also taking interest in this segment. Software company Microstrategy has increased its holding of Bitcoin.

This company filed a complaint with America’s Securities and Exchange Commission (SEC). filing It has been reported that between December 2 and 8, it has purchased approximately 21,550 bitcoins for approximately $2.1 billion. For this, an average price of $ 98,783 per bitcoin has been given. The company has sold shares worth more than two billion dollars for this purchase of Bitcoin. MicroStrategy’s executive chairman, Michael Saylor, said in a post on social media platform X that the company holds a total of 423,650 bitcoins. For this, the company’s average cost per bitcoin is approximately $60,324.

Recently Bitcoin had crossed the level of one lakh dollars. However, since then its price has declined. The price of Bitcoin was down about 1.30 percent on Tuesday at just over $97,600. Last month, MicroStrategy bought about 55,000 bitcoins worth about $5.4 billion. The company had purchased bitcoins worth approximately $5.4 billion between November 18 and 24. An average price of $ 97,862 per bitcoin was paid for this. MicroStrategy had said that it has used funds received from the sale of shares and convertible notes for this purchase.

This was its biggest purchase of Bitcoin in terms of amount since December 2020. MicroStrategy had decided to invest in Bitcoin to hedge against inflation. Initially this company used to buy bitcoins in exchange for cash. Since then, MicroStrategy has been using the proceeds from the sale of shares and convertible debt to buy Bitcoin. Recently, Trump appointed cryptocurrency supporter Paul Atkins as the new chief of the SEC. This has increased the possibility of a policy in favor of crypto when the new Trump-led government takes charge in America.