MicroStrategy, the largest public Bitcoin investor, announced new cryptocurrency purchases amid a declining market.
Details of MicroStrategy's New Purchases
The company acquired 245 Bitcoins for $26 million during the week ending June 22. The cost of the new Bitcoin batch averaged $105,856 per coin, while its price dropped from approximately $108,900 to an intraweek low just below $99,000.
Sustainability of Bitcoin Yield
With the new Bitcoin acquisition, MicroStrategy's yield on its Bitcoin holdings stood at 19.2% year-to-date, 0.01% higher than the yield reported after the previous $1 billion Bitcoin purchase announced on June 16.
Michael Saylor's Predictions
According to Michael Saylor's statement, the long-term forecast for Bitcoin's price may reach $21 million within 21 years, made amid a fluctuating market environment and the company's overall strategic posture.
MicroStrategy's updated purchases reinforce the company's strategy of accumulating Bitcoin assets amidst market volatility and confirm confidence in long-term cryptocurrency growth.
