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MicroStrategy buys $6 million more Bitcoin

MicroStrategy’s enthusiasm for Bitcoin has not been diminished by the recent market decline (BTC).
| CryptoPress

MicroStrategy has resumed its bitcoin accumulation strategy with a fresh USD $6 million purchase after a brief gap of a few months. The corporation increased its cryptocurrency holdings by 301 BTC, as reported in a document filed with the U.S. Securities and Exchange Commission (SEC).

According to the regulatory filing, the transaction was made between August 2 and September 19 for a total of $5,975,151, or an average price of USD $19,851 per coin.

(MicroStrategy) has no plans to stop purchasing Bitcoin and may never sell its holdings.

Michael Saylor

The business software firm’s decision is in line with its investment plan, which calls for a significant increase in Bitcoin holdings beginning in 2020. With a plan in place for the last two years, the company has amassed more than 100,000 bitcoins. More than 5,000 coins were reportedly acquired by it in the first nine months of 2022, as reported by Bitcoin Magazine.

MicroStrategy’s most recent purchase increased their Bitcoin holdings to almost 130,000 coins, with a current market worth of around $2.5 billion at press time.

Saylor wants more Bitcoin 

As the company’s executive chairman, Michael Saylor is well-known for having led the investing strategy that made MicroStrategy the biggest institutional Bitcoin whale.

The company announced earlier this month that it will be selling shares in order to obtain capital to purchase Bitcoin.

The most recent acquisition was very small compared to the corporation’s prior purchases, but it may be an indication that the company is still bullish on Bitcoin despite the recent dip. The volatile and uncertain macroeconomic environment this year has contributed to a slowdown in cryptocurrency pricing.

The leading cryptocurrency, Bitcoin, has dropped significantly from its November highs when its value was close to USD $70,000. At the time of writing, one bitcoin is worth around $18,900 US.

MicroStrategy is unconcerned by the decline in the value of its Bitcoin holdings, which were once worth over $10 billion. According to Saylor, the company has no plans to stop purchasing Bitcoin (BTC) and may never sell its holdings.

The corporation may continue to buy Bitcoin using the proceeds from the stock sale in the months ahead, particularly if and when the price of Bitcoin drops and becomes more affordable.

Cover image: Piggy banks – Universal Public Domain.

© 2022 Cryptopress. For informational purposes only, not offered as advice of any kind.

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