MicroStrategy buys the dip, add 271 BTC to stash
MicroStrategy has continued to walk the talk, constantly reaffirming its confidence in Bitcoin. The business intelligence firm spent another $15 million on Bitcoin on Thursday.
CEO Michael Saylor disclosed the $15 million purchase on Twitter. MicroStrategy added another 217 Bitcoin to its strategic reserves at an average price of $55,387. In total, the firm now holds 91,850 BTC on its balance sheet, with an average purchase price of $24,403.
MicroStrategy has purchased an additional 271 bitcoins for $15.0 million in cash at an average price of ~$55,387 per #bitcoin. As of 5/13/2021, we #hodl ~91,850 bitcoins acquired for ~$2.241 billion at an average price of ~24,403 per bitcoin. $MSTRhttps://t.co/EwZnRkAt6k
— Michael Saylor (@michael_saylor) May 13, 2021
While it may appear as though the firm timed its latest Bitcoin purchase to coincide with the latest correction spurred by Tesla’s sudden decision to stop accepting Bitcoin payments, MicroStrategy did not time its purchase. Back in February, Saylor noted that his company will continue to purchase the flagship currency, with no plans of slowing down. At that time, the company had just purchased $1 billion worth of Bitcoin.
The business intelligence firm is currently topping the Bitcoin corporate treasuries list, controlling a 0.473% share of Bitcoin’s circulating supply.
MicroStrategy’s sustained investment in Bitcoin hangs on the premise that the digital asset is a viable store of value amid a systemic dollar debasement. The company has even gone as far as issuing debt to increase its Bitcoin portfolio.
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