MicroStrategy Bought 480 Bitcoins for $10 M

Amid the bear market, business analytics company MicroStrategy added its Bitcoin holdings, purchasing 480 BTCs for about $10 M. The company paid around $20,817 per BTC. A release by the company says now it holds around 129,699 bitcoins purchased for $3.9 bln at an average price of about $30,664 per BTC.

MicroStrategy CEO Michael Saylor is a huge Bitcoin supporter and investing in the coin has been a central part of the company's business strategy. A 2022 report by the consulting company Gartner, MicroStrategy ranks first in enterprise analytics and use case.

Recently, he said in an interview that Bitcoin is a "lifeboat" in a storm. According to Saylor, the coin can save capital in a time of uncertainty and inflation.