MicroStrategy, a business intelligence provider, has announced it had purchased an additional $10 million in bitcoin (EXANTE: Bitcoin) as the cryptocurrency lost over 10% over the last 72 hours.
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According to the company's filing, MicroStrategy purchased 314 bitcoins for $10 million, at an average price of ~$31,808 per BTC. The company hodls 70,784 bitcoins so far with an average purchase price of ~$16,035 per BTC. MicroStrategy's CEO Michael Saylor recently said that the return on investment in bitcoin is way higher than that in the shares of early-stage tech companies.
Saylor believes large amounts of money are coming to the crypto market from traditional markets such as forex, stocks and bonds.
Meanwhile, BlackRock, world's largest asset manager, plans to enter the bitcoin market as the firm added cash-settled Bitcoin futures to two funds. The manager filed updated prospectuses for two funds with the US Securities and Exchange Commission (SEC) with inclusion of cash-settled Bitcoin futures.
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