MicroStrategy Buys More Bitcoin Amid Price Dump

MicroStrategy Incorporated, a public company holding the highest amount of Bitcoin revealed its crypto holding in the latest US SEC filings. As per the report, the software company has gone on to expand its BTC reserve amid the price dump.

MicroStrategy adding more BTC

Microstrategy revealed that it accumulated around 301 Bitcoins between August 2, 2022, to September 19, 2022. The purchases were done completely in cash. The BTCs were bought for $6 million at an average price of approx $19,851 per token.

The filing reveals that Microstrategy bought Bitcoins using excess cash. However, MSTR with its subsidiaries now holds around 130,000 BTCs.

As per the filing, the approx cumulative acquisition price of Bitcoin holding stands at $3.98 billion. However, the average purchase price stands at $30,639 per BTC. This disclosed amount includes all the fees and expenses.

Earlier, Coingape reported that MSTR filing with the SEC revealed that it wants to sell $500 million in stocks to buy more BTC. This news went on to push the BTC price up to gain short term momentum.

Will this push BTC prices up?

The software company continues its bitcoin acquisition strategy even after Bitcoin maximalist Michael Saylor, who stepped down as CEO. Meanwhile, Saylor is still chair of the board of directors. He is still focusing on his BTC strategy.

As per a report, MSTR reported a loss of over $1 billion in the second quarter of 2022 as the BTC price went on to record a new low.

However, Bitcoin prices have dropped by over 10% in the past 30 days. As per press time, BTC is trading at an average price of $19,154. The token prices are up by 2% over the past 24 hours.

BTC’s 24 hour trading volume has also recorded a drop of around 11%. It now stands at $35.24 billion. Bitcoin dominance shrunk below the mark of 40%. It is still holding a market cap of $366.9 billion.