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MicroStrategy: Another Dip, Another $10M Bitcoin Purchase

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Publicly traded business intelligence firm MicroStrategy (NASDAQ: MSTR) is making the most of the downturn in bitcoin prices as it bought another 229 BTC for $10 million in cash.

  • The purchase, which was disclosed by CEO Michael Saylor on Twitter and in an filing with the U.S. Securities and Exchange Commission Tuesday, was for an average price of $43,663 per bitcoin.

  • MicroStrategy now holds 92,079 BTC bought for a total of $2.251 billion at an average price of about $24,450 per bitcoin.

  • That means the firm has almost doubled its money since it started investing in the cryptocurrency, with the total holdings now worth $4.15 billion, according to CoinDesk’s price calculator.

  • Only five days ago, Saylor announced the purchase of 271 BTC for $15 million.

  • The company has a policy of regularly buying bitcoin for its treasury reserves as a hedge against U.S. dollar inflation.

  • At press time, a bitcoin is worth $45,141, roughly flat over 24 hours.

See also: Crypto Custodian Copper Raises $50M in Series B Round

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