Business intelligence company MicroStrategy and its CEO Michael Saylor have been bullish about Bitcoin from the get-go, and this hasn’t changed despite the recent crypto market crisis. Instead, the company doubled down on its Bitcoin bet by investing a further $10 million in the world’s most popular token.
In Wednesday’s filing, MicroStrategy revealed that it had acquired “approximately 480 Bitcoins” from May 2nd to June 28th. It paid a price of “approximately $20,817” per Bitcoin, with fees and other expenses included. The company now owns 129,699 bitcoins, having spent an average of $30,664 per token and a total of $3.98 billion to acquire them.
After peaking at $67,000 back in November, Bitcoin has experienced a significant slide as investors moved away from risky assets. At one point, the cryptocurrency even dipped below $19K for the first time since late 2020. It is currently hovering at around $20K.
The purchase means that Saylor made good on his promise to buy more Bitcoin despite the recent loss in value. He even shared the info about the company’s Bitcoin holdings on his official Twitter page.
The news about the Bitcoin purchase put off some investors as MicroStrategy stock took a 4 percent dip shortly after. It is currently trading at $179.10 compared to the $186.12 close on Tuesday.