MicroStrategy continues to increase its Bitcoin stash, adds another $10 million
News

MicroStrategy continues to increase its Bitcoin stash, adds another $10 million

Saudu Clement
Saudu Clement

MicroStrategy has continued to consolidate its Bitcoin holdings, actively buying the dip. The business intelligence firm just added another $10 million worth of Bitcoin to its portfolio.

According to a May 18 filing with the U.S. Securities and Exchange Commission (SEC), MicroStrategy purchased S10 million worth of Bitcoin at an average price of $43,663 per coin.

Following its latest purchase, the firm now holds 92,079 Bitcoins, valued at over $4 billion at current market prices.

As reported by BTC PEERS, MicroStrategy previously announced a $15 million purchase less than a week ago. Both purchases appear to be an apparent show of support for Bitcoin following Tesla’s move to suspend BTC payments due to environmental concerns.

Saylor also responded to a tweet by Musk telling him that “the world needs a decentralized, secure, deflationary store of value like Bitcoin much more than it needs the more centralized, less secure, inflationary medium of exchange like Dogecoin.”

Although there were rumors that Tesla could drop the flagship currency from its balance sheet, Musk clarified that his firm is still holding Bitcoin. The real question should be for how long.

Bitcoin is currently trading at $43,580 on CoinMarketCap after seeing a mild relief rally to $45,200.