MicroStrategy purchases Bitcoin with $10 million.

MicroStrategy Made Another $10m Bitcoin Purchases

MicroStrategy purchases Bitcoin with $10 million.

US business intelligence software firm MicroStrategy announced Tuesday it had purchased approximately 295 Bitcoin (BTC) for $10 million in cash, at an average price of about $33,810 per Bitcoin.

As of February 2, 2021, the company holds about 71,079 BTC, that were acquired at an aggregate purchase price of $1.145 billion, and an average price of $16,109 per Bitcoin.

At the time of writing, Bitcoin is trading at $35,949.14, up 6.8% over the last 24 hours.

The publicly traded firm, has been named in the Forbes Blockchain 50 of 2021, for the ambitious bet on Bitcoin as a hedge against the devaluation of the dollar, which triggered an increasing trend of US corporates embracing Bitcoin and the underlying blockchain.

“As the energy is sucked out of the dollar, the currency’s value is collapsing,” MicroStrategy’s CEO Michael Saylor, who turned his enterprise software company into a leveraged Bitcoin ETF, told Forbes in an interview. “That means that every stock, bond, piece of real estate or other asset that rests on the foundation of fiat currency is sagging.”

MicroStrategy: Forbes Blockchain 50

“We have been expecting institutions to start moving into Bitcoin and other crypto assets, but primarily Bitcoin, the most secure of the blockchains,” said another outspoken Bitcoin advocate, Cathie Wood, Ark Invest founder and CEO.

“If you look at the correlation of Bitcoin’s performance relative to any other asset class, it has the lowest correlation, meaning if you buy some Bitcoin, you will further diversify your portfolio and increase your returns with lower risk,” Wood told Yahoo Finance Presents.

For now, at least 26 publicly traded US companies have Bitcoin on their balance sheets, striving to be the investment choice for Wall Street traders seeking exposure to the new asset class.

Lately, crypto index funds provider Bitwise Asset Management has filed for regulatory approval for its Bitwise Bitcoin Fund. The approval would enable it to trade shares of its fund on the New York-based OTCQX marketplace, an over-the-counter (OTC) marketplace.

On another note, Ether (ETH) has broken through $1,500 for a new all-time high. It is trading at $1,524 at the time of writing, up by over 11% in the last 24 hours, as the token shot past the $1,500 barrier, reaching a new record high of $1,541.75.

The second largest cryptocurrency by market cap is now worth more than $174 billion.