Digital Assets: Bitcoin PermaBull MicroStrategy Loads Up On Another $82M

December 9, 2021 | Digital Assets, News
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MicroStrategy CEO Michael Saylor tweeted about the company’s latest purchase of bitcoin.

MicroStrategy (NASDAQ: MSTR), which is led by bitcoin evangelist Michael Saylor, has reeled in a fresh tranche of 1,434 bitcoins, paying about $82.4 million in cash at an average price of approximately ~$57,477 per bitcoin, according to a tweet from Saylor. (CryptoNews)

After this latest purchase, as on date, MicroStrategy holds about 122,478 bitcoins for which it paid approximately $3.66 billion at an average price of $29,861 per bitcoin.

Paper profit of $2.3 billion

Based on the current price of $48,699.15 per bitcoin, the company is sitting on a paper profit of about $2.31 billion.

According to an SEC filing, MicroStrategy financed the purchase of these bitcoins through the issue and sale of an aggregate of 119,828 Shares under an Open Market Sale Agreement with Jefferies LLC, at an average gross price per Share of approximately $693.10, for aggregate net proceeds to the Company (less sales commissions and expenses) of approximately $82.4 million.

Mike McGlone bullish on bitcoin

Meanwhile, another bitcoin bull, Bloomberg’s Senior Commodity Strategist Mike Mcglone tweeted that 2022 could usher in prices of $100,000 #Bitcoin, $50 #Oil, and $2,000 #Gold.

“Peaking commodities and the declining yield on the Treasury long bond point to risks of reviving deflationary forces in 2022, with positive ramifications on Bitcoin and gold,” he reasoned.

Related Story: MicroStrategy’s Saylor, El Salvador’s Bukele Both Buy The Bitcoin Dip

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