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MicroStrategy Buys The Bitcoin Dip, Purchases Another $10 million

MicroStrategy Buys The Bitcoin Dip, Purchases Another $10 million

MicroStrategy, a business intelligence firm known for its support for Bitcoin, has confirmed its purchase of another 229 Bitcoin (BTC) worth some $10 million, bought at an average price of $43,663.

This latest purchase from MicroStrategy is documented through a Form 8-K filing with the U.S. Securities and Exchange Commission. This follows a previous acquisition just last week, in which the firm bought 271 BTC for an average price of $55,387 which, at the time of purchase, was worth around $15 million.

The firm continues to strengthen its Bitcoin hold with these recent purchases, and now has 92,079 BTC acquired over time. MicroStrategy CEO Michael Saylor says that the overall average price per BTC bought by the firm is at $24,450 apiece, the total spend amount stretching to $2.251 billion.

Binance CEO Changpeng Zhao replied to Saylor’s tweet announcing the purchase, praising the latter as a “Legend!” in the crypto community. Saylor, however, replied with a more modest pronouncement: “Logical.”

The recent purchases expresses MicroStrategy’s commitment to the alpha cryptocurrency, despite the sudden price collapse experience over the week, in which Bitcoin slid off from the $55k resistance level to its current threshold at $43k in the past three hours as of press time. This range shows a price correction of about 23% over the past week. However, recent BTC outflows on Coinbase indicate that investors are increasingly preparing for a longer position on the alpha cryptocurrency.

CryptoDaily has previously covered some of the recent Bitcoin purchases made by MicroStrategy early this year, and also has a detailed analysis of the cryptocurrency’s performance to date.

According to data from Bitcoin Treasuries, the company currently has 0.438% of Bitcoin’s total circulating supply, a feat unmatched by any other public company placing strategies on the alpha cryptocurrency either as a hedge against inflation, or as a long-term asset hold. The list of corporate Bitcoin holders places Tesla as second, and Square at third spot, with .206% (43,200 BTC) and .038% (8,027 BTC) respectively.

MicroStrategy’s accumulation of more BTC despite the recent correction and relatively bearish attitude from mainstream media attention is seen as a bullish move by the crypto community. Several users on Twitter took to comedy to illustrate the situation, portraying Saylor/MicroStrategy as a decisive figure in the space.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

 

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