Just In: Microstrategy Buys Bitcoin Worth $10 Million Amid Slump

At a time when there is speculation of a deeper fall in Bitcoin prices, Michael Saylor’s Microstrategy announced its latest position. The company holds the distinction being the largest institutional investor of Bitcoin.

In an SEC filing on Wednesday, the company announced it added as many as 480 BTC in the recent past. Between May 3 and June 28, MicroStrategy acquired approximately 480 BTC for around $10 million in cash, it announced. The average price of the purchased Bitcoin is approximately $20,817, including fees and expenses.

Microstrategy Bitcoin Keeps Expanding

This takes the company’s total count of Bitcoin owned to 129,699. The filing said,

“As of June 28, 2022, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 129,699 Bitcoin. They were acquired at an aggregate purchase price of approximately $3.98 billion and an average purchase price of approximately $30,664 per BTC, including fees and expenses.”

Microstrategy CEO Michael Saylor took to Twitter to make the announcement. “MicroStrategy has purchased an additional 480 bitcoins for $10.0 million at an average price of $20,817 per BTC. As of 6/28/22 MicroStrategy holds 129,699 Bitcoin acquired for $3.98 BTC at an average price of $30,664 per BTC.”

Buying Continues Despite Bitcoin Price Fall

Earlier in the month, following steep fall in Bitcoin prices, speculation was wide over the potential of the company’s Bitcoin holdings. However, Saylor clarified that the volatile activity was anticipated and that Microstrategy’s strategy was prepared to handle the slump.

At the time, he said his business intelligence firm anticipated the volatility before adopting a Bitcoin strategy. We have structured our balance sheet so that we could continue to hold Bitcoin through adversity, he explained.

Meanwhile, Bitcoin price briefly performed below the $20,000 mark earlier on Wednesday. This is the first time in a week’s time that BTC went below the $20,000 figure. As of writing, Bitcoin is trading at $20,063, down 4.43% in the last 24 hours, according to crypto price tracking site CoinMarketCap.