MicroStrategy has added to its bitcoin holdings by buying another $15 million worth of bitcoin.
Despite the uncertain market conditions, Michael Saylor’s business intelligence firm has doubled down on its BTC-related approach. The company purchased another 271 bitcoins, bringing its total holdings to nearly 92,000 coins.
On May 13th, the NASDAQ-listed company announced the acquisition of 271 bitcoins. The sum was purchased for $15 million, according to the company.
Despite being made public today, the transaction was most likely made yesterday, according to MicroStrategy, which stated that the average price per BTC was $55,387. This is the asset’s price from yesterday, before plummeting to a 2-month low below $47,000 today on reports that Tesla will no longer accept BTC payments for its vehicles.
MicroStrategy’s total bitcoin holdings have increased to 91,850 coins due to this significant addition. In August of last year, the organization started allocating funds in the primary cryptocurrency.
Since then, the average entry price for the many transactions made has been $24,403 per bitcoin.
MicroStrategy eventually paid $2.241 billion for the coins it owns. Since then, their shares are now worth around $4.6 billion, thanks to the asset’s remarkable appreciation in value.
Apart from owning 0.437 percent of all bitcoins ever created, the tech behemoth and its CEO have recently launched a slew of pro-BTC initiatives.
MicroStrategy hosted a panel earlier this year to inform C-level executives from major corporations about the benefits of investing in bitcoin. Saylor then followed up with a rigorous course for institutional investors.