MicroStrategy Announces Purchase of Bitcoin (BTC) worth $10 Million amid Market Downturn

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Michael Saylor, the founder and CEO of MicroStrategy, has announced that the company has added an additional 480 BTC worth about $10 million to its balance sheet.

CEO Saylor announced the new whooping acquisition via a tweet on Wednesday. According to report, the new purchase has brought MicroStartegy’s Bitcoin holding to approximately 129,699 BTC. The coins were bought at an average price of $30,664.

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Michael Saylor tweeted, “MicroStrategy has purchased an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per Bitcoin. As of 6/28/22 MicroStrategy holds ~129,699 bitcoins acquired for ~$3.98 billion at an average price of ~$30,664 per bitcoin.”

This is the first purchase initiated by the firm since April 2022 when it acquired a total of 4,167 BTC worth relatively $190.5 million at the time, with an aggregate purchase price of approximately $3.98 billion, according to an 8-K filing with the SEC.

The recent filing also says that the average purchase price of MicroStrategy’s holdings is now $30,664 per BTC, including fees and expenses.

In a conversation with The Block in May, Saylor pointed out that the near-term volatility of Bitcoin (BTC) is irrelevant to those who understand its fundamentals.

In the course of the conversation according to The Block, Saylor said MicroStrategy is far from facing a margin call as some people in the crypto space insinuated. He also dismissed the notion that the company would sell its Bitcoin holdings.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.