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

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.

Read Also: MicroStrategy CEO Michael Saylor: “I Will Be Buying Bitcoin (BTC) At the Top Forever”

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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