• Temporarily Unavailable

Metromile Is Buying Bitcoin In Bulk With $1M Acquisition.

By Harry B - Crypto Speculator - 11-08-2021

In 2021 there have quite a few significant companies who are investing in Bitcoin (BTC). Business intelligence company MicroStrategy currently holds around $5 billion in Bitcoin investments. In the early months of this year, automobile company Tesla invested $1.5 billion into the crypto giant. 

Moreover, other businesses are beginning to follow in their footsteps as a car insurance company puts money towards Bitcoin buying. Metromile, a pay-per-mile car insurance company, originally announced back in May that it had plans to invest $10 million into crypto coin giant Bitcoin.

However, instead of investing the total $10 million that the company stated would be solely devoted to cryptocurrency, Metromile had only invested 10% of the funds. The San Francisco-based company made an official report to the SEC, which acknowledges that Metromile spent only $1 million on Bitcoin.

That being said, from the amount the car insurance business invested, it appears they also lost 10% by June 30, owning around $900,000 in BTC. Within the financial report, Metromile had $202.6 million in cash and equivalent in the second quarter of 2021; this suggests that Bitcoin is only 0.5% of the entire fund. Investment experts typically suggest having between 1% to 3% of total funds invested into crypto assets.

The news comes after Metromile announced that they would invest the full $10 million into Bitcoin shortly before filing the financial report to the Securities and Exchange Commission (SEC).

If you are looking to Buy and Sell Bitcoin, then you can head over to BC Bitcoin where you can safely start investing today.

We use cookies to better provide our services. By using our services, you agree toour use of cookies.