Market Wrap: Bitcoin Back Above $30K in Volatile Trading Session
Bitcoin’s near 50% decline from all-time highs surprised analysts as China’s crackdown fueled bearish sentiment.
The Virginia-based company now holds more than 105,000 bitcoins.
The Block.one subsidiary is set to go public via a SPAC merger this year.
Michael Saylor defended his company’s debt-fueled, bitcoin buying spree over the last year by saying it continued to be a great investment.
The purchase provides the firm with indirect exposure to MicroStrategy's more than 105,000 bitcoin reserves.
“Despite there being a sign in the recent bear market that investors are scared off, we don’t see massive outflow from institutional users,” one crypto exchange executive said.