Bitcoin’s Biggest Corporate Investor Buys Another $414 Million As Omicron Variant Puts Crypto Prices Under ‘Serious Pressure’

Bitcoin’s Biggest Corporate Investor Buys Another $414 Million As Omicron Variant Puts Crypto Prices Under ‘Serious Pressure’

Share to Linkedin MicroStrategy, the data analytics firm helmed by billionaire cryptocurrency bull Michael Saylor, announced another big investment in bitcoin on Monday morning, doubling down on its staggering commitment to the world's largest cryptocurrency as the nascent market reels from a nearly 15% correction this month and the threat of a new variant of the coronavirus. The firm led by billionaire Michael Saylor has made one of its biggest bitcoin purchases ever amid ... [+] the latest crypto market rout. In a regulatory filing on Monday, Virginia-based MicroStrategy, which owns more bitcoin than any other corporation in the world, disclosed it purchased approximately 7, 002 bitcoins for about $414. 4 million in cash, or $59, 187 per coin, between October 1 and November 29. The company says it now holds approximately 121, 044 bitcoins, purchased for nearly $3. 6 billion, or an average price of $29, 534 for each bitcoin. Its latest investment comes as the price of bitcoin struggles near a seven-week low after fears over a newly identified coronavirus variant, dubbed omicron, tanked the broader market on Friday. At about $57, 000 on Monday morning, the price of bitcoin has plummeted nearly 18% from a record high