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MicroStrategy Buys The Dip, Acquires $10M in Bitcoin

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MicroStrategy has purchased an additional $10 million worth of bitcoin, even when the prices of the digital asset slumped recently. 

  • company has purchased an additional 229 bitcoins at an average price of around $43,663.
  • The total bitcoins that the company has now is 92,079 BTC

MicroStrategy, a business intelligence firm has purchased an additional $10 million worth of Bitcoin, which prove the company’s inclination and conviction in the digital asset. The company moved ahead even when the prices of Bitcoin scooped down recently. 

MicroStrategy’s CEO Michael Saylor is a supporter of bitcoin and is known as the bitcoin bull in his circle. He bought $10m BTC to add to the company’s holdings. 

He tweeted to inform that his company has purchased an additional 229 bitcoins for $10million in cash priced at $43,663, including fees and expenses. 

He has filed the report of purchase to the Securities and Exchange Commission. The acquisition came just five days after the business intelligence firm purchased 271 bitcoins at an average price of $55,387. 

Advantage at its best

Since the prices of bitcoin slumped down after February, it seems that the company has taken advantage of the low prices to purchase bitcoin. It will help the company to continue beefing up its investment in the world’s most traded digital currency exchange.

MicroStrategy has been collecting bitcoins since last year, even going as far as raising debt to finance additional purchases. The total bitcoins that the company has now is 92,079 BTC on its books. It is equivalent to $2.251billion at the time of publication. 

It means that MicroStrategy stands as the number one company to have such an amount of holdings in BTC, which other publicly traded companies lack. The company has 0.438% of BTC’s total circulating supply, as per the latest industry figures. 

Bitcoin price tussle

The prices of bitcoin have fallen since February after Elon Musk, CEO, Tesla Inc. Tweeted that his company would sell its holdings in the cryptocurrency. However, when Musk clarified that the company still holds bitcoin, it bounded. 

The prices of bitcoin have corrected nearly 23% over the past seven days, bringing its value back to around $ 43,000. The prices of the digital asset have hit the rock after 8 May when Musk in his Saturday Live Chat show talked about bitcoin being vulnerable and that the company would sell off its holdings. On May 8 bitcoin was trading above $59,000. 

Despite the recent volatility, institutions have started purchasing bitcoin over the past 30 days. According to the data from the Bitcoin treasury, institutions have accumulated 215,000 BTC over the period. 

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