Share this article
MicroStrategy Keeps Buying Bitcoin, Adds Another $15M
CEO Michael Saylor continues policy of buying the crypto asset at set intervals.
By Danny Nelson
Updated Sep 14, 2021, 12:55 p.m. Published May 13, 2021, 12:53 p.m.
Make us preferred on Google
MicroStrategy disclosed a $15 million bitcoin purchase Thursday, as it bought 271 coins at an average price of $55,387 per bitcoin, even as the crypto market raced lower.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The publicly traded business intelligence company has now spent $2.24 billion on bitcoin. It has purchased bitcoin in $15 million tranches at least once a month since March in accordance with CEO Michael Saylor's "sat-stacking" treasury reserve policy. Sat stacking means accumulating bitcoin by buying smaller amounts at certain intervals.
The latest purchase comes as the leading cryptocurrency faces challenges from one of its most vocal corporate backers. Wednesday, Tesla CEO Elon Musk suspended the electric car-maker's bitcoin payments policy because of environmental concerns. Bitcoin plunged to as low as $46,294.72 before recovering to about $50,000, where it now trades, suggesting Saylor's latest purchase preceded Wednesday's news about Tesla.
MicroStrategy's stock price also took a hit in the wake of Musk's announcement. It was down over 7% in pre-market trading Thursday.
MicroStrategy's purchase also comes on the heels of signs of rising inflation as U.S. government data released on Wednesday showed the consumer price index (CPI) rose 4.2% year-over-year in April, the fastest rate in 12 years. Higher inflation will likely lead to higher interest rates, which could mean an end to the cheap money that has helped fuel bitcoin's bull run.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin remains subdued as gold races to new record above $5,400 following Jerome Powell remarks
Gold fans rushed in to buy as the Fed chair said he took no macro signal from the raging bull market in precious metals.
What to know:
- Gold soared to a new record on Wednesday afternoon, quickening its rise as Fed Chair Jerome Powell spoke at his post-meeting press conference.
- Bitcoin continues to trade in a very tight range around $89,000.
- "Crypto is underperforming some of the very assets it was designed to supplant," said one analyst.
Top Stories
