MicroStrategy: Another Dip, Another $10M Bitcoin Purchase
Publicly traded business intelligence firm MicroStrategy (NASDAQ: MSTR) is making the most of the downturn in bitcoin prices as it bought another 229 BTC for $10 million in cash.
The purchase, which was disclosed by CEO Michael Saylor on Twitter and in an filing with the U.S. Securities and Exchange Commission Tuesday, was for an average price of $43,663 per bitcoin.
MicroStrategy now holds 92,079 BTC bought for a total of $2.251 billion at an average price of about $24,450 per bitcoin.
That means the firm has almost doubled its money since it started investing in the cryptocurrency, with the total holdings now worth $4.15 billion, according to CoinDesk’s price calculator.
Only five days ago, Saylor announced the purchase of 271 BTC for $15 million.
The company has a policy of regularly buying bitcoin for its treasury reserves as a hedge against U.S. dollar inflation.
At press time, a bitcoin is worth $45,141, roughly flat over 24 hours.
See also: Crypto Custodian Copper Raises $50M in Series B Round
