Michael Saylor’s MicroStrategy has bought aggressively during the current bitcoin price dip, accumulating 229 BTC for $10 million.
- Author:
- Peter Chawaga[1]
- Publish date:
Michael Saylor’s MicroStrategy has bought aggressively during the current bitcoin price dip, accumulating 229 BTC for $10 million.
MicroStrategy, the software intelligence firm turned Bitcoin standard bearer, has accumulated 229 bitcoin for a total price of $10 million, it announced today[2].
With the bitcoin price dipping by more than 22% over the last week, it appears the firm saw this as an opportunity to stack more bitcoin at a relatively low price. Its average purchase price for this latest round was about $43,663 per bitcoin, according to a tweet from CEO Michael Saylor[3]. This gives the firm a total of about 92,079 bitcoin (more than 0.4% of all the BTC that will ever exist), purchased at an average price of $24,450 per bitcoin. At the time of this writing, the bitcoin price is at about $43,000.
Since August 2020[4], MicroStrategy has been steadily buying bitcoin at regular intervals and through various methods. It invested more than $1 billion to purchase more than 90,000 BTC[5] in February. It has offered convertible senior notes[6] to raise money to buy BTC. And it has offered to pay some members of its board of directors in bitcoin[7].
As a private entity leading the speculative attack on the dollar, MicroStrategy has seen its strategy pay off. It reported first quarter revenues of $122.9 million and its equity increased by more than 380% since adopting a bitcoin standard[8]. And investors have remained excited[9] about the strategy.
MicroStrategy currently leads all publicly-traded companies in bitcoin holdings
