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Bitcoin’s price decline in recent months might have worried some crypto market players but long-term investors view it as an opportunity to buy more BTC at lower prices. For instance, MicroStrategy has bought the dip and added around 660 BTCs to its holdings last month.
The crypto market’s decline has not deterred MicroStrategy from implementing its crypto strategy. The business intelligence software firm announced that it purchased Bitcoin worth around $25 million last month, which was paid in cash.
“On February 1, 2022, MicroStrategy Incorporated (the “Company”) announced that, during the period between December 30, 2021, and January 31, 2022, the Company purchased approximately 660 bitcoins for approximately $25.0 million in cash, at an average price of approximately $37,865 per bitcoin, inclusive of fees and expenses,” the company said in a filing with the Securities and Exchange Commission.
With the acquisition, the company now holds more than 125,000 BTC, cementing its position as the top publicly-listed company with the largest Bitcoin holdings. “As of January 31, 2022, the Company held approximately 125,051 bitcoins that were acquired at an aggregate purchase price of $3.78 billion and an average purchase price of approximately $30,200 per bitcoin, inclusive of fees and expenses,” MicroStrategy added.
Bitcoin’s price has declined in January and, at one point, was even more than 52 percent down from the crypto’s November 2021 all-time high near $69,000. At the time of writing, BTC traded $36,715.08 based on CoinMarketCap data.
However, MicroStrategy CEO Michael Saylor said that he won’t sell the crypto even in an extended bear market “Never. No. We're not sellers,” Saylor said last month. “We're only acquiring and holding bitcoin, right? That's our strategy.”
He explained that his company is in the best position to weather a high inflation scenario thanks to its Bitcoin stash. “The best defense against inflation is a bitcoin standard,” the CEO said. “So, I don't really think we could do anything better to position our company in an inflationary environment than to convert our balance sheet into bitcoin.”
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