MicroStrategy’s executive chairman Michael Saylor announced on Twitter that his company has made the first Bitcoin purchase in Q3 20022 with a total value of 6 million USD. At the time of purchase, Bitcoin price was $19,851 that means MicroStrategy has bought 301 Bitcoins.
This is the 4th time MicroStrategy buys Bitcoin in 2022 with the value of each purchase decreasing following the downtrend of the crypto market. The last time this firm bought Bitcoin was at the end of June for 10 million USD.
MicroStrategy now owns 130,000 BTC with a total purchase price of 3.89 billion USD and the average purchase price is 30,639 USD/BTC. At the time of writing, Bitcoin is trading around $19,160, 301 Bitcoins is only worth $ 2.48 billion, meaning MicroStrategy has lost nearly 38%.
In Q2 2022, MicroStrategy reported a loss of $918 million due to Bitcoin investments, forcing Michael Saylor to step down as CEO at MicroStrategy and take up the role of executive chairman. He was later accused of tax fraud by the Washington DC government.
Even so, MicroStrategy and Michael Saylor’s confidence in Bitcoin remains unabated. Earlier September, MicroStrategy had upped its bond price to $500 million in a bid to buy more bitcoin (BTC).
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