MicroStrategy, the largest independent publicly-traded business intelligence company, with the leading enterprise analytics platform, has scooped an additional 301 Bitcoin (BTC) to boost the institution’s digital assets holdings, as disclosed on September 20.
On Tuesday, Michael Saylor, the founder and Executive Chairman of Microstrategy, announced that the crypto-friendly institution has taken advantage of the market dip to amass a large amount of Bitcoin (BTC), the leading crypto asset by market value.
The update revealed that the largest-known institutional holder of Bitcoin (BTC) purchased 301 bitcoins worth approximately $6 million in cash at an average price of $19,851 on Monday. To note, this amount is inclusive of fees and expenses. It is also said that the institution purchased these tokens with excess cash.
“MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per bitcoin. As of 9/19/22, MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin,” Micheal Saylor wrote.
Read Also: Michael Saylor Explains Why Getting into Bitcoin (BTC) Was the Right Decision for MicroStrategy
This latest accumulation has drastically increased Micheal Saylor’s Microstrategy bitcoin balance. According to a Tuesday filing, “as of September 19, 2022, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 130,000 bitcoins, which were acquired at an aggregate purchase price of approximately $3.98 billion and an average purchase price of approximately $30,639 per bitcoin, inclusive of fees and expenses.”
Related: Michael Saylor: Bitcoin (BTC) Made MicroStrategy’s Balance Sheet Swell by Billions of Dollars
In the previous week, Micheal Saylor disclosed that his company’s stock price has appreciated by 67% ever since Microstrategy Incorporated adopted the Bitcoin standard.
In response, Peter Schiff said, “Yes, the $MSTR stock price has gone up despite your foolish, and money-losing gamble on #Bitcoin. That’s why shareholders should sell now. MSTR is in a massive bubble. Not only will the share price crash, but the company may even go bankrupt.”
“Basically your company has already lost about $1.5 billion (40%) on your Bitcoin gamble. However, if you actually tried to sell, Bitcoin would crash, sending realized losses much higher. MSTR’s foray into Bitcoin has been a disaster. Shareholders should sell while they can,” he said in another tweet.
Although the institution’s constant BTC accumulation has received lots of criticism from top figures like Peter Schiff, the Chief Economist and global strategist at Europac, Micheal Saylor remains bullish on Bitcoin (BTC). On the other hand, some opine that the Microstrategy could print billions of dollars in the next bull cycle from their crypto holdings.
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