Late on June 29, MicroStrategy CEO Michael Saylor announced his company had purchased an additional 480 Bitcoins (BTC) with a total value of about 10 million USD. As of now, MicroStrategy is holding 129,699 BTC, equivalent to 3.98 billion USD at an average price of 30,664 USD/BTC.
Although MicroStrategy has lost more than 1.3 billion USD on its Bitcoin bet, CEO Michael Saylor remains bullish on the world’s largest cryptocurrency. He asserted that even if Bitcoin price drops to $3,600, the March 2020 bottom then the company can post some other collateral. This is the first time the company bought Bitcoin since the LUNA-UST collapse in May and the current liquidity crisis.
Bitcoin price has plummeted in recent times, from $38,700 on May 1 to an 18-month low of $17,622 on June 18. Although BTC has recovered and is trading around the $20,000-21,000 range for the past two weeks, there are not many signs that this coin will bounce back. Bitcoin has dropped more than 5% over the past 24 hours and is trading at 20,043 on CoinMarketCap.
In 2022, MicroStrategy bought Bitcoin 3 times, respectively $25 million on February 1, $190 million on April 5 and most recently, $10 million on June 29. Shares of MicroStrategy have dropped 79% since Bitcoin’s high in November and fell another 6% Wednesday morning to $175.
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