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While Bitcoin’s earlier price drop to below $20,000 might have made some investors hesitant in buying the dip, MicroStrategy is sticking to its guns and continued buying BTC as part of its digital asset strategy. In fact, the business intelligence firm’s Bitcoin hoard has soared to almost 130,000 BTCs after its recent acquisition further cementing its position as the top publicly-traded company with the largest Bitcoin holdings.
In a regulatory filing with the United States Securities and Exchange Commission (SEC), Microstrategy disclosed that it has increased its Bitcoin holdings by around 480 BTCs. The company acquired the additional crypto during the period between May 3, 2022, and June 28, 2022.
Total acquisition cost for the 480 BTCs $10 million, which the company paid in cash. This translates to an average acquisition price of around $20,817 per Bitcoin.
With its recent purchase, MicroStrategy further cemented its status as the largest corporate holder of Bitcoin. The company now owns 129,699 BTC, currently valued at around $3.98 billion.
“MicroStrategy has purchased an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per #bitcoin,” MicroStrategy CEO Michael Saylor shared the news on Twitter. “As of 6/28/22 @MicroStrategy holds ~129,699 bitcoins acquired for ~$3.98 billion at an average price of ~$30,664 per bitcoin.”
At the time of writing, Bitcoin traded at $20,079.07 per coin based on Coinmarketcap data. This means that at $30,664, the company’s average purchase price per coin is around $10,000 more than Bitcoin’s current price. In other words, MicroStrategy’s BTC stash is currently sitting at a net unrealized loss of nearly $1.4 billion, according to Cointelegraph.
Nevertheless, MicroStategy CEO Michael Saylor remains bullish on BItcoin’s long-term potential and even promised to buy more BTC last month. “When MicroStrategy adopted a Bitcoin Strategy, it anticipated volatility and structured its balance sheet so that it could continue to HODL through adversity,” he said.
He further reaffirmed his bullish stance in a tweet on Monday. “Bitcoin is the only investment-grade cryptocurrency,” Saylor tweeted, according to Fortune.
