MicroStrategy buys Bitcoin worth $347M to strengthen its crypto holding

Ukrajina crypto Bitcoin

On Wednesday, 28 June, MicroStrategy founder Michael Saylor revealed that the renowned firm purchased 12,333 Bitcoin between 29 April and 27 June, spending $347 million. The latest buy saw the company strengthening its crypto holding. MicroStrategy acquired its BTC assets at $28,136 average price.

MicroStrategy now has 152,333 Bitcoins, worth more than $4.6B at prevailing prices. The firm is among the largest BTC hodlers. Moreover, MicroStrategy has remained resilient despite challenges plaguing the crypto space.

While Michael Saylor has been supporting the leading crypto, even backing BTC’s layer2 platform Lightning Network, the latest Bitcoin buy shows the company’s trust in the asset.

Bitcoin sees increased institutional interest
Bitcoin has witnessed increased attention ever since BlackRock filed for a Spot Bitcoin ETF. The leading crypto asset gained an upside momentum as more financial giants followed BlackRock’s move. BTC surged more than 20% within one month.

The latest stats show Bitcoin recorded surged institutional participation. For instance, ProShare’s futures inflows hit a seven-day high of $65M last week. MicroStrategy’s latest announcement further cements institutional inflows into the asset.

Read more: invezz.com

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