Long-term investors appear undaunted by the market dynamics despite the price swings seen in Bitcoin and other cryptocurrencies.
Even though they already have a sizeable holding in cryptocurrencies, institutional investors, in particular, continue to grow their portfolios. For instance, MicroStrategy frequently takes advantage of opportunities to enter the Bitcoin business.
The corporation has purchased an additional 12,333 Bitcoins for a total cost of $347 million, with the price of one Bitcoin circling around the $30,345 mark. The company’s creator, Michael Saylor, recently tweeted about this information and highlighted the company’s continuous Bitcoin acquisition.
The most recent information indicates that MicroStrategy added 12,333 BTC worth $347 million to its reserves. According to Saylor’s tweet, the company held 152,333 bitcoins as of June 28, 2023. The purchase of the 152,333 BTC cost $4.52 billion. Bitcoin (BTC) is currently worth $30,267 as of the time of this writing, down 1.3% from a day earlier, according to data from CoinMarketCap.
Despite the ups and downs and a loss, Saylor still seems adamant about his BTC decision. The company doesn’t have any imminent intentions to sell its BTC because it is long-term focused.