MicroStrategy CEO Michael Saylor recently tweeted that he purchased another 29,646 Bitcoin (BTC) at an average price of $29,646. With this purchase, the company has deployed the $650 million raised through a recent convertible debt offering. The business intelligence firm now holds 70,470 Bitcoin and that makes it the fifth-largest individual holder of Bitcoin.
The current Bitcoin bull run has largely been driven by institutional investors. Analysts at JPMorgan Chase (NYSE:JPM) believe that in order for the uptrend to continue, fresh institutional money needs to keep trickling in as it has done in the past few weeks, or Bitcoin could witness a correction.