MicroStrategy Adds 301 Bitcoin (BTC) Worth Around $6 Million

MicroStrategy Adds 301 Bitcoin (BTC) Worth Around $6 Million
  • Michael Saylor, founder of MicroStrategy, recently tweeted about buying 301 Bitcoin.
  • As of September 19th, 2022, the company has 130,000 bitcoin in storage.

The recent drop of Bitcoin (BTC) to a low of $19K has been devastating for many people. But it seemed like the bear market was good for anyone who wanted to build up their investments. Most casual investors avoid the market when bears are establishing their holdings.

However, most institutional investors who already have a sizable holding continue to add to their coin holdings. MicroStrategy is a company that consistently enters the Bitcoin market when the price lowers. The corporation proceeded to buy Bitcoin (BTC) to the tune of $6 million, taking advantage of the recent decline in BTC’s value.

BTC Buys the Dip

Michael Saylor, founder of MicroStrategy, recently tweeted about buying 301 Bitcoin. According to the SEC filings, the company paid $6 million to purchase 301 bitcoins. At the time of purchase, one bitcoin was worth $19,851. As of September 19th, 2022, the company has 130,000 bitcoin in storage.

The current market value of the company’s bitcoin holdings is $3.98 billion. Based on the sum spent on Bitcoin purchases, the company’s average Bitcoin buy price is $30,639. This acquisition was done between August 2nd, 2022 and September 19th, 2022.

In the month of February, MicroStrategy made a Bitcoin buy of 660. MacroStrategy, a wholly owned subsidiary of the parent firm, managed to gain $205 million from Silvergate bank, much to everyone’s surprise.

Saylor still seems unwavering in his commitment to BTC, despite the roller coaster ride and apparent loss. It is not in the company’s long-term interests to liquidate its cryptocurrency holdings at this time. 

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