On Monday, MicroStrategy, the software company, revealed that it bought 7,002 Bitcoin (BTC) in cash equivalent to $414.4 million.
MicroStrategy acquired this amount of Bitcoin (BTC) at the price of $59,187 on average. The acquisition was made as part of the purchases of Q4, from the 1st of October to the 29th of November. The company has an arsenal of Bitcoin (BTC), specifically 121,044 coins which at the current price are worth north of $7 billion.
MicroStrategy with the coin acquisition has a profit of more than $3 billion after purchasing Bitcoin (BTC) for $3.57 billion in total. Bitcoin (BTC) is now trading at roughly $57,280, with an average buying price of around $29,534 per Bitcoin (BTC).
Even though the gamble of MicroStrategy seems to go well up until now, a tough situation could arise should Bitcoin (BTC) take a dive sometime in the future. Some hold that should the price of Bitcoin (BTC) take a dive, it would be quite difficult for MicroStrategy to pay off the debt of $2 million it took to acquire the digital asset.
Also read: After Elon Musk’s Backlash, Binance has Restored Dogecoin (DOGE) Deposits and Withdrawals
