Bitcoin’s Biggest Corporate Investor Buys Another $414 Million As Omicron Variant Puts Crypto Prices Under ‘Serious Pressure’
MicroStrategy, the data analytics firm helmed by billionaire cryptocurrency bull Michael Saylor, announced another big investment in bitcoin on Monday morning, doubling down on its staggering commitment to the world’s largest cryptocurrency as the nascent market reels from a nearly 15% correction this month—and the threat of a new coronavirus variant.
In a regulatory filing on Monday, Virginia-based MicroStrategy, which owns more bitcoin than any other corporation in the world, disclosed it purchased approximately 7,002 bitcoins for about $414.4 million in cash, or $59,187 per coin, between October 1 and November 29.
The company says it now holds approximately 121,044 bitcoins, purchased for nearly $3.6 billion, or an average price of $29,534 per coin.
Its latest investment comes as the price of bitcoin struggles near a seven-week low after fears over a newly identified coronavirus variant, dubbed omicron, tankedthe broader market on Friday.
Thanks to its growing bitcoin investment—rivaled only by Tesla’s 42,000 coins—MicroStrategy shares have minted a stunning turnaround since the dot-com bubble tanked prices roughly two decades ago.