Barely a week after adding $10 million worth of Bitcoin to its dash, MicroStrategy has thrown another $15 million at the digital gold.
MicroStrategy CEOMichael Saylor disclosed on Twitter that his firm had purchased an additional 262 Bitcoin for $15 million. Given the numbers, MicroStrategy bought the Bitcoin at around $57,251 per unit. One could conclude that the firm is actively buying the dips and tops.
Following the recent purchase, the business intelligence firm now holds 91,326 BTC, with a total spend of $2.2 billion. At current prices, MicroStrategy would make nearly $800 million in profits if it decides to offload its stash.
Meanwhile, Saylor in his usual pro-Bitcoin stance recently said that governments would be the next to buy Bitcoin via sovereign wealth funds. He mentioned the deteriorating performance of gold as one of the reasons that will fuel this move. While Bitcoin is up by 95% since the start of the year, gold has fallen by 12%.
This is further strengthening the narrative that Bitcoin is as good a hedge against inflation as gold.
But despite the profitability of MicroStrategy’s Bitcoin play, the share price of the firm has continued to drop. In the past month, MSTR has slumped by 24%, eventually seeing a low of $620 last week.