Grayscale CEO Quips About Bitcoin Buying Race With MicroStrategy

Grayscale CEO Quips About Bitcoin Buying Race With MicroStrategy


Michael Saylor, the Founder of MicroStrategy, said, so far, he has spent a total of $425 million buying Bitcoin.

In a recent tweet, Saylor mentioned his firm had just purchased approximately 17k BTC. Including previous the purchase of 21k tokens, the firm now holds around 38k BTC in total.

“On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses.“

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As a business intelligence software firm, MicroStrategy is not normally associated with cryptocurrency. But last month, the company revealed its revised treasury strategy to weather the uncertain economic conditions.

In a press statement, the company spoke about the downfalls of holding cash during these times. To which, they believe holding BTC, over cash, represents a better bet for the company as a going concern.

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