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MicroStrategy Buys $10M Worth of Bitcoin, Reserve Now at 129,699

Cryptocurrency Jun 29, 2022 09:30AM ET
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© Reuters. MicroStrategy Buys $10M Worth of Bitcoin, Reserve Now at 129,699

  • MicroStrategy announces that it has bought 480 bitcoins.
  • The company acquired the bitcoins between May 3 and June 28, 2022.
  • The business intelligence firm now holds 129,699 to date.

After several reports of MicroStrategy CEO Michael Saylor saying that he would consider buying more bitcoin amid extreme crypto market conditions, the business intelligence company has announced the purchase of 480 bitcoins.

Saylor broke the news through Twitter (NYSE:TWTR) today, June 29, to his 2.5 million followers. Following this recent purchase, MicroStrategy now holds “129, 699 bitcoins acquired for 3.98 billion at an average price of $30,664 per bitcoin.”

According to the SEC report, the Tysons Corner, Virginia-based company acquired the 480 bitcoins, during the period between May 3, 2022 and June 28, 2022, for about $10 million in cash at Bitcoin’s average price of $20,817 apiece.

Just last week, MicroStrategy Michael Saylor revealed that the company will double down on its Bitcoin strategy even as the plunge of the top cryptocurrency put a huge dent in Saylor’s holdings. Much further, Saylor said that MicroStrategy hasn’t received a margin call against a $205 million bitcoin-backed loan it took earlier this year.

Notably, reports claimed that investors have grown weary that the firm, which at the time bet $4 billion on bitcoin, would be forced to liquidate some of its BTC holdings if faced with a margin call.

Despite the bear market, Saylor appears to remain optimistic about the top cryptocurrency.

At the time of writing, Bitcoin (BTC) trades at $20,021.18, with a 24-hour trading volume of over $25.2 billion.

Continue reading on CoinQuora

MicroStrategy Buys $10M Worth of Bitcoin, Reserve Now at 129,699
 

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