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MicroStrategy chief executive Michael Saylor announced via Twitter an additional purchase of 480 Bitcoins (BTC) for roughly US$10 million, as the company remains steadfast on its Bitcoin strategy after speculation of a margin call on a US$205 million loan.
See related article: MicroStrategy, crypto firm shares plunge with Bitcoin’s freefall
MicroStrategy, a business intelligence and software company, is the largest publicly traded holder of Bitcoin.
According to the company’s latest 8-K filing with the United States Securities and Exchange Commission, MicroStrategy held approximately 129,699 BTC as of June 28, meaning the latest 480 BTC purchased represents a 0.4% increase on their BTC position.
Euro Pacific Capital Chief Economist and gold bug Peter Schiff replied to Saylor’s social media post, claiming the move was an attempt to “influence the market” by demonstrating conviction to other investors.
Bitcoin Treasuries data shows MicroStrategy has incurred over US$1.3 billion in paper losses on its Bitcoin holdings, as the price of BTC hovers around US$20,000 as of press time.
MicroStrategy closed down 3.45% Wednesday on the Nasdaq and has lost over 30% in the past month.
See related article: Michael Saylor, MicroStrategy stick to their guns on Bitcoin