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MicroStrategy doesn’t seem to mind the crypto market’s recent correction. While other investors cautiously waited for fresh developments, the Virginia-based business intelligence firm went ahead and purchased another batch of Bitcoins (BTC) worth almost half a billion dollars.
The company announced on Monday that it now owns more than 100,000 BTC after completing another Bitcoin acquisition. MicroStrategy bought 13,005 BTCs and spent around $489 million for the purchase at an average purchase price of $37,617 per bitcoin including fees, according to CNBC.
MicroStrategy founder and CEO Michael Saylor said that the company now holds around 105,085 Bitcoins. With Bitcoin trading at $31,375.90 at the time of writing based on Coinmarketcap data, the company’s BTC holding is worth around $3.297 billion. The company paid an average of $26,080 per coin, including fees and other expenses, for its BTC stash.
Saylor defended the company’s crypto strategy, which involved debt offerings to buy more Bitcoin. “We rotated our shareholder base and transformed ourselves into a company that’s able to sell enterprise software and to acquire and hold bitcoin, and we’ve done it successfully with leverage,” he explained.
“That has increased the power of the brand by a factor of 100,” Saylor added. “We just had our best software quarter ... in the last 10 years last quarter. The bitcoin business is driving shareholder returns. I think the employees are happy. The shareholders are happy.”
MicroStrategy’s BTC purchase came as the world’s largest crypto by market cap fell by 9.3 percent on Monday to its lowest close in 4 ½ months, according to MarketWatch. As a result, the company’s shares dropped 7.5 percent in premarket trading.
The renewed crypto crackdown by the Chinese government has been blamed for the current correction. The People’s Bank of China told financial institutions not to provide services related to cryptocurrency activities, including account openings or clearing and settlement, according to CNBC.
