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Cryptocurrency

Michael Saylor bought 500,000 BTC by investing $584 million

Michael Saylor and his team have bought another 6911 BTC worth $584 million, bringing their total to 500,000 BTC since Saylor founded the strategy. This purchase brings its total Bitcoin hoard to over 500,000 BTC, as it intends to hold this asset for a long time against the market instability.

Michael Saylor’s firm, Strategy, has made another large Bitcoin purchase, further establishing its place as the largest corporate owner. Between March 17 and March 23, the company bought 6,911 BTC for a total cost of $584 million at the average rate of $84,529 per BTC. This latest purchase brings Strategy to 506,137 in total bitcoin holdings.

Strategy spent $3.1 billion on fees and costs and another $30.6 billion on Bitcoin for an average buying price of $66,608. The company sold preferred stock and common stock to raise capital to purchase more Bitcoin.

Amid fears of trade tariffs and a global market slump, Strategy continues to accumulate Bitcoin fiercely. The company still believes in the long-term future of crypto, which proves they are a strong institutional buyer of Bitcoin.

As Strategy crosses the half a million mark in BTC holdings, its investing style demonstrates confidence in Bitcoin’s future. This is due to the fact that retail investors and institutions are increasingly gravitating. As the price of Bitcoin changes continuously, all followers are now looking at the next move of Strategy.

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Alex
Formally freelance blogger Alex is passionate writer with interest in Finance and Business, fascinated about crypto following news and covering stories.
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polkadot
Polkadot (DOT) $ 3.96 5.43%
bitcoin
Bitcoin (BTC) $ 81,941.04 6.06%
ethereum
Ethereum (ETH) $ 1,775.38 6.90%
cardano
Cardano (ADA) $ 0.627802 9.35%
xrp
XRP (XRP) $ 2.00 7.60%
stellar
Stellar (XLM) $ 0.253962 7.08%
litecoin
Litecoin (LTC) $ 81.74 5.36%