Digital Assets: MicroStrategy’s Saylor, El Salvador’s Bukele Both Buy The Bitcoin Dip

November 30, 2021 | Digital Assets, Latest News, News
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A regulatory filing reveals Saylor’s MicroStrategy now holds about 121,044 bitcoin, purchased at an average price of $29, 534 per coin, at a total cost of nearly $3.6 billion.

Path-breaking corporate bitcoin investor MicroStrategy (NASDAQ: MSTR) said in a filing Monday that it purchased approximately 7,002 bitcoins for about $414.4 million in cash, or $59,187 per coin, between October 1 and November 29 – a classic ‘buy-the-dip’ operation as financial markets reel from the implications of a new, highly mutated virus. (Forbes)

The new purchases aggregated about $414.4 million, and they mean that the company, which is led by bitcoin evangelist Michael Saylor, currently holds a stash of 121,044 bitcoins at an aggregate cost of about $3.6 billion.

As this is being written, the bitcoin price is $57,387.48, meaning the company’s holding is worth a staggering $6.94 billion, almost double what it paid to acquire them. However, its market capitalization is at $7.41 billion.

In the fourth quarter, the company has raised about $414.7 million through the sales of 571,000 shares to fund the latest purchases.

El Salvador swoops on the dip too

El Salvador President Nayib Bukele, another bitcoin aficionado who led the move to make bitcoin legal tender in the country, also announced in a tweet on Saturday, Novmber 27, that the country acquired 100 bitcoins on the dip.

 

Related Story: Bukele Snaps Up 420 More Bitcoin For El Salvador

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