Saylor picks up another 3,907 Bitcoin ahead of Friday’s $2 billion options expiry

With over $2 billion BTC option expiring soon, Michael Saylor’s Microstrategy has purchased additional units of Bitcoin.

Michael Saylor’s-led Microstrategy, a United States-based intelligence firm, has announced the purchase of 3,907 additional Bitcoin for approximately $177.0 million in cash, at an average price of $45,294. 

Microstrategy buys Bitcoin

This was made known via a SEC filing yesterday which also revealed that the crypto firm now holds 108,992 Bitcoin that was acquired for $2.918 billion at an average price of $26,769 per Bitcoin. The filing also revealed that BTC purchase was made through the sales of the class A common stock of the company.

Saylor, the firm’s CEO, is renowned for his pro-BTC stance and has consistently called for the entrance of more institutions into the space.

$2billion Bitcoin option expiring soon

In another development, $2 billion worth of Bitcoin (BTC) options will be expiring by Friday, Aug. 27. With the expiry a matter of days away, some market thought leaders were of  the opinion that there was a strong buying activity recently which led to the crypto king retouching the $50,000 mark again.

This view is corroborated by a recent QCP Capital report that stated that an entity was actually behind the recent price surge of digital gold. According to the report, the early trading session in Asia saw participants buy part of 100 BTC contracts each.

On the other hand, a Glassnode report highlighted that the current bullish season of Bitcoin is yet to reflect on Bitcoin on-chain activity. The report shows that the number of transactions by market players have not correlated with that of the price spike. 

Decentrader also noted this, stating that there was not enough market activity for BTC price to push beyond $52,000. This could have played a role in the current price retracement the value of the asset has witnessed.

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