MicroStrategy has added yet another massive amount of Bitcoin to its balance sheets amidst a dip in Bitcoin’s price. While Bitcoin is sitting at just above $42,000 USD, the United States-based intelligence firm has chosen to “buy the dip” and add nearly $10 million USD worth of the cryptocurrency to its holdings.
The latest acquisition comes just a few days following its latest purchase of Bitcoin, where the firm picked up 271 Bitcoin when it was sitting just above $55, 000 USD. At the current price, MicroStrategy purchased a further 229 Bitcoin, as confirmed in an 8-K form filed with the United States Securities and Exchange Commission (SEC).
MicroStrategy: Nearly 100,000 Bitcoin
Bitcoin bull Michael Saylor, the firm’s CEO provided details of the purchase, including the full price, on Twitter:
MicroStrategy has purchased an additional 229 bitcoins for $10.0 million in cash at an average price of ~$43,663 per #bitcoin. As of 5/18/2021, we #hodl ~92,079 bitcoins acquired for ~$2.251 billion at an average price of ~24,450 per bitcoin. $MSTRhttps://t.co/fU6LN4WbKI
— Michael Saylor (@michael_saylor) May 18, 2021
For over a year now, MicroStrategy has been focused on building its portfolio with Bitcoin, accumulating the cryptocurrency relentlessly. Now, the firm holds 92,079 Bitcoin – bought in at an approximate average of $24,450 USD per token. In terms of the market as a whole, MicroStrategy’s portfolio holds a massive 4.38% of all Bitcoin in circulation. No other publically traded firm or institution boasts such a major amount of tokens.
Saylor has noted previously that the firm doesn’t choose to buy at any particular time in the market – only opting to add to its growing holdings. The strategy is to continue to buy Bitcoin and won’t slow down on the acquisitions. Part of his bullish lean towards the cryptocurrency industry is rooted in a lack of confidence in the traditional economy given the rocky year following the pandemic. He believes that Bitcoin is going to prove the ability to holds itself as a dependable store of value.