MicroStrategy Buys Another 10 Million Dollars Worth of Bitcoin

MicroStrategy – the world’s largest corporate holder of Bitcoin – recently cast another $10 million towards its digital asset position.

That brings the company’s total stash up to 129,699 Bitcoin.

• In a tweet on Wednesday, MicroStrategy CEO Michael Saylor revealed that his company had purchased another 480 Bitcoin.
• Those Bitcoin were purchased at an average price of $20,817 per coin, totaling a 10 million dollar purchase. That’s one of the best bargains the company has received on a Bitcoin buy since 2020.
• The disclosure was relatively small, however, compared to its previous $190 million purchase reveal of 4,167 coins in April. The company has never announced less than $10 million in Bitcoin purchased at one time.
• Previous announcements of similar sizes also took place in relatively short order of one another. Tuesday’s reveal, however, takes place after nearly 3 months without any word from the company about further buys.
• Saylor has clarified on multiple occasions that the company has never, and will never, sell its Bitcoin. He also has expressed disinterest in timing the market, confidently telling Tucker Carlson last month that he’ll be “buying the top forever.”
• This could indicate that MicroStrategy is currently short on spare cash for making larger purchases.
• The software company is currently down on its overall Bitcoin position, with its average purchase price resting at $30,664 as of Tuesday.

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The firm’s very first purchase in August of 2020 was for less than $12,000 per coin.