BREAKING: MicroStrategy Buys $10 Million Worth of Bitcoin at $20,817
Leading independent publicly-traded business intelligence company Microstrategy has gone on another Bitcoin shopping spree, acquiring nearly 500 BTC this time.
According to a recent filing with the United States Securities and Exchange Commission (SEC), Microstrategy has purchased an additional 480 BTC worth $10 million.
The SEC filing shows that the firm bought the crypto assets between May 22 and June 28 at $20,817 per bitcoin, including fees and other expenses.
MicroStrategy Now Holds 129,699 BTC
The latest purchase brings the company’s total Bitcoin holdings to 129,699 BTC, valued at nearly $2.6 billion at current market prices. This cements MicroStrategy’s position as a publicly-traded company with the most significant Bitcoin portfolio. According to Bitcoin Treasuries, the business intelligence firm has three times more bitcoins than its closest rival, Tesla, which has 43,200 BTC valued at $867 million.
MicroStrategy CEO Michael Saylor said on Twitter that the company spent $3.98 billion on its Bitcoin investment at an average price of $30,664. However, the business intelligence company is down by more than 33% (about $1.37 billion) due to the recent bear market.
MicroStrategy CEO Bullish Despite $1.37B Loss
Despite the significant unrealised loss and ongoing speculation about a possible liquidation, Saylor has shown that he is still confident and bullish on the cryptocurrency with the latest purchase.
The billionaire and his company joined the crypto industry in August 2020, with MicroStrategy spending a whopping $250 million on its first Bitcoin investment. The firm purchased another $250 million worth of bitcoins one month later. Since then, MicroStrategy has been accumulating BTC nonstop with the intention of HODLing through the crypto winter.
Earlier this week, Saylor said he thought he was late to bitcoin but realised that wasn’t the case. The billionaire also noted that Bitcoin is a “commodity” that is essential for any treasury reserve asset.
“This allows politicians, agencies, governments, & institutions to support bitcoin as a technology & digital asset to grow the economy and extend property rights & freedom to all,” he added.
~ By William A. Frederick ~
