MicroStrategy Bought Bitcoin Dip Again: Here’s How Much BTC It Now Owns – MicroStrategy (NASDAQ:MSTR)
One of the most vocal supporters of leading cryptocurrency Bitcoin BTC/USD has strengthened its position with another purchase. Here’s a look at what MicroStrategy does and how much Bitcoin it owns.
What happened: Software company MicroStrategy Incorporation MSTR has bought dips in Bitcoin again, announcing a recent purchase in a filing on Tuesday.
MicroStrategy announced that it purchased 301 Bitcoins between August 2, 2022 and September 19, 2022. The company paid an average of $19,851 per Bitcoin and used excess cash to complete the transactions.
The company now owns around 130,000 Bitcoin after the latest purchases. MicroStrategy paid an average of $30,639 per Bitcoin, according to the filing. The company has spent nearly $4 billion to acquire the Bitcoin it has.
Related Link: Exclusive: Michael Saylor’s MicroStrategy Is Married To Bitcoin: ‘Everything Else In The World Is Subordinate’
Why it’s important: The latest Bitcoin purchase comes after the company announced that co-founder Michael Saylor would step down from the CEO role and move to the title of executive chairman.
Saylor told Benzinga that the company would continue to buy Bitcoin in an exclusive interview earlier this year.
“We have a simple strategy and our strategy is we just buy Bitcoin and we have Bitcoin,” Saylor said.
Saylor said the company would use its free cash flow to acquire “high-quality real estate,” which includes Bitcoin.
“We happen to believe that Bitcoin is the rarest sought-after property of the highest quality.”
The purchase comes as cryptocurrencies are in a bear market, with leading crypto Bitcoin down 60% so far this year. Saylor said earlier this year that investors needed to be prepared for corrections.
“You have to be able to last through the four-year cycles. So when you strategize, if you can’t last four days or four weeks, right, then you’re a speculator or a gambler, but when you look five years ahead, and you think about volatility, it’s an investment strategy.”
Short interest in MicroStrategy has increased in recent months, with investors betting against the company and its aggressive Bitcoin buying strategy. A new ETF that bets against the price of MicroStrategy shares was also recently submitted for launch.
MSTR, BTC Price Action: MicroStrategy shares are down 5% at $195.92 on Tuesday, versus a 52-week range of $134.09 to $891.38.
Bitcoin is trading at $19,065 at the time of writing against a 52-week trading range of $17,708.62 to $68,789.63.
Photo: Made with an image from michael.com
