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MicroStrategy has acquired an extra 301 BTC for around $6 million, despite the severe bear market that has dominated the cryptocurrency sector for almost an year.
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MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
— Michael Saylor⚡️ (@saylor) September 20, 2022
According to a filing with the Securities and Exchange Commission (SEC) on Tuesday, the Bitcoins were acquired between August 2 and September 19, 2022, at an average price of $19,851 per BTC, increasing the company’s total BTC holdings to 130,000. MicroStrategy’s entire holdings are now valued at around $3.98 billion, based on the current average price of $30,638 per coin.
Earlier this month, the Virginia-based corporate software developer announced intentions to sell $500 million worth of shares and spend a portion of the proceeds to buy additional BTC. The acquisition, which follows an ongoing crypto bear market, has revitalised the crypto community, with Bitcoin supporters welcoming the move. Nonetheless, several questioned the decision assuming that Bitcoin will continue to decline.
“Basically, your company has already lost about $1.5 billion (40%) on your #Bitcoin gamble.” Peter Schiff, a gold enthusiast, commented on Michael Saylor’s timeline after the announcement.” However, if you actually tried to sell, Bitcoin would crash, sending realised losses much higher. # MSTR’s foray into Bitcoin has been a disaster. Shareholders should sell while they can.”
Since its November 2017 all-time high of $68,789.63, Bitcoin has lost as much as 72% of its value. MicroStrategy recently revealed that the value of its BTC holdings had decreased by around $917 million owing to the wider crypto market catastrophe.
Despite this, Michael Saylor, the company’s founder, continues the company’s bitcoin acquisition goals. He stepped down as CEO and assumed the position of executive chair last month, a move he claimed would allow the company to pursue the goals of purchasing and retaining Bitcoin.
Currently, MicroStrategy is the largest publicly listed bitcoin holding firm, followed by Galaxy Digital with 40,000 BTC and Voyager digital with 12,260 BTC. Tesla, the possibly most contentious firm on the list, falls to fourth place with around 10,725 BTC after selling 75% of its holdings in July.
Meanwhile, despite the abundance of news, Bitcoin continues to oscillate and recently traded at $19,040 on key exchanges following a 24-hour decrease of 0.17%. In contrast, in pre-market trading, MicroStrategy’s stock price declined 1.5% to $197.7 per share. The corporation’s stock price is still 84% behind its all-time high of $1,315.