MicroStrategy Doubles Down on Bitcoin, Scoops Up $6,000,000 in BTC Amid the Sputtering Crypto Market
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MicroStrategy Continues to Buy Bitcoin (BTC) Despite Recent Price Volatility, Acquires Another 301 Leading Crypto Assets.
The software company says it bought about $6 million worth of tokens in cash at an average price of $19,851 per Bitcoin, according to a recent filing with the U.S. Securities and Exchange Commission (SEC) between Aug. 2 and Sept. 19.
The company now holds about 130,000 Bitcoins, including those held by its affiliates, which were purchased for a total of $3.98 billion, or an average price of about $30,639 per Bitcoin, according to the filing.
MicroStrategy became a heavy investor in Bitcoin under the leadership of outspoken crypto advocate Michael Saylor, who founded the company and served as its CEO until he stepped down in August. Saylor became the company’s CEO to focus on innovation and long-term corporate strategy, which includes the acquisition of Bitcoin.
The company’s latest acquisition was praise by Changpeng Zhao, popularly known as “CZ”, CEO of major cryptocurrency exchange Binance.
“Skeptics today will be saying, ‘Oh, you’re so lucky you got into Bitcoin so early’ in a few years. Save this tweet. No financial advice.”
MicroStrategy’s last major Bitcoin purchase was in February, when the company bought an additional 600 BTC for about $25 million at an average price of about $37,865 per Bitcoin.
At the time of writing, Bitcoin is trading at $19,415.
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