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29 Jun 2022

Microstrategy Purchases $10 Million in Bitcoin

At a time when Bitcoin prices are expected to decline further, Michael Saylor’s Microstrategy has revealed its current stance on the cryptocurrency market. In terms of institutional investment, the corporation is the biggest.

On Wednesday, the SEC reported that the corporation has added up to 480 BTC in the last several months. For nearly $10 million in cash, MicroStrategy bought around 480 BTC between May 3 and June 28. The average cost of a Bitcoin purchase, including all fees and costs, is about $20,817.

The total number of Bitcoins controlled by the corporation now stands at 129,699. According to the report, MicroStrategy and its subsidiaries possessed 129,699 Bitcoin as of June 28, 2022. For an overall purchase price of $3.98 billion, including fees and expenditures, they were purchased at an average buying price of $30,664 per BTC.

The CEO of Microstrategy, Michael Saylor, made the news on Twitter. At an average price of $20,817 per BTC, MicroStrategy has acquired an additional 480 bitcoins for $10.0 million. Since 6/28/22, MicroStrategy has had 129,699 Bitcoin worth $3.98 BTC at an average price of $30,664 per BTC in their possession.

Speculation over the company’s Bitcoin holdings was rife earlier this month, after a precipitous drop in Bitcoin prices. Microstrategy’s strategy was ready to manage the dip, according to Saylor, who made it clear that erratic activity was expected.

As recently as last year, he claimed that his business intelligence organization had foreseen the volatility of the Bitcoin market prior to implementing the plan. He said that his company had set up its financial sheet in such a way that it could keep onto Bitcoin even if things became tough.

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Earlier in the day, Bitcoin’s price fell below the $20,000 level for a short while. There have been no drops below $20,000 in a week for Bitcoin. According to CoinMarketCap, Bitcoin is now trading at $20,063, down 4.43 percent in the previous 24 hours.