Publicly-traded business intelligence company MicroStrategy has purchased an additional 480 bitcoins (worth $10 million). The latest purchase brings the company’s total holdings to 129,699 bitcoins (worth around $2.6 billion at today’s prices).
MicroStrategy has spent a total of $3.98 billion on its bitcoin investment, averaging a price of $30,664 per bitcoin. Bitcoin currently hovers around the $20,000 mark, representing a nearly $1.4 billion unrealized loss for the company.
However, today’s purchase shows the company’s ‘underwater’ Bitcoin position has not stopped it from increasing exposure to the asset class. Instead, it reinforces earlier comments by CEO Michael Saylor, who had said earlier this month that the current bearish market presents the best accumulation opportunity for investors.
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