MicroStrategy buys Bitcoin for €560 million

MicroStrategy has bought Bitcoin again, as can be read in a press release. The company, founded by Michael Saylor, bought 5,262 BTC for a total of €560 million. The average price for this purchase was €106,700 per Bitcoin, down slightly from its high of about €108,000.

This purchase comes as no surprise in the crypto world. Earlier this week, MicroStrategy bought Bitcoin worth €1.5 billion. For weeks, the company has published a press release every Monday about new Bitcoin purchases.

Loss due to current market correction

Due to the current price correction of Bitcoin, which is now around €95,000, MicroStrategy is already posting a loss of €61 million with this latest investment. For Saylor, however, this is no cause for concern. With the recent purchases, MicroStrategy owns a total of 444,262 BTC, with a total value of more than €42 billion. The average purchase price is at €62,257 per Bitcoin. As a result, MicroStrategy made a total profit of €14.6 billion with all Bitcoin purchases.

Future plans: from software company to bitcoin bank

The software company plans to be transformed into a "Bitcoin bank" in the future. For this purpose, among others, the 21/21 Plan has been presented, which includes a capital increase of €42 billion. This money will be reinvested in Bitcoin.

Thanks to the current Bitcoin rally, MicroStrategy's share price is growing tremendously throughout the year. The stock has risen 476% since the beginning of the year and is currently trading around €364. Critics are concerned about the share price's sharp rise and speculate on a possible sudden drop.