MicroStrategy Buys Additional $10M Worth of Bitcoin

MicroStrategy Incorporated continues to purchase the Bitcoin dip, despite the losses.BTCThe estimated value of the ) is $10 million

A Form 8-K is required. filing lodged with the United States Securities and Exchange Commission (SEC), MicroStrategy said it “acquired approximately 480 bitcoins for approximately $10.0 million in cash, at an average price of approximately $20,817 per bitcoin, inclusive of fees and expenses.”

The company, led by Bitcoin bull, Michael Saylor said as “of June 28, 2022, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 129,699 bitcoins, which were acquired at an aggregate purchase price of approximately $3.98 billion and an average purchase price of approximately $30,664 per bitcoin, inclusive of fees and expenses.”

MicroStrategy does not shy away from betting on Bitcoin, particularly when the prices are low. The business intelligence is based on a multi-year holding. SoftwareThis cloud company hopes to make a significant cashout, with an inevitable increase of price when demand exceeds supply over ten years.

The publicly-traded company approved Bitcoin as its primary reserve assets. This is in addition to the fact that it has made targeted and ambitious purchases to demonstrate this. Before this, the firm Secure More than $1 billion in senior convertible loans were all used in the acquisition of Bitcoin.

Furthermore, firm recently took a $205 million Bitcoin-collateralized loanThis credit facility was repaid with the proceeds.

MicroStrategy remains unwavering in its belief in Bitcoin as sound currency. Despite its apparent loss of almost $10,000 per BTC in total holdings, the firm believes that Bitcoin’s technological superiority can lead to a bullish trend in the near future.

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