MicroStrategy Buys Dip, Accumulates 229 More BTC For $10 Million

Michael Saylor’s MicroStrategy has bought aggressively during the current bitcoin price dip, accumulating 229 BTC for $10 million.

MicroStrategy, the software intelligence firm turned Bitcoin standard bearer, has accumulated 229 bitcoin for a total price of $10 million, it announced today.

With the bitcoin price dipping by more than 22% over the last week, it appears the firm saw this as an opportunity to stack more bitcoin at a relatively low price. Its average purchase price for this latest round was about $43,663 per bitcoin, according to a tweet from CEO Michael Saylor. This gives the firm a total of about 92,079 bitcoin (more than 0.4% of all the BTC that will ever exist), purchased at an average price of $24,450 per bitcoin. At the time of this writing, the bitcoin price is at about $43,000.

Since August 2020, MicroStrategy has been steadily buying bitcoin at regular intervals and through various methods. It invested more than $1 billion to purchase more than 90,000 BTC in February. It has offered convertible senior notes to raise money to buy BTC. And it has offered to pay some members of its board of directors in bitcoin.

As a private entity leading the speculative attack on the dollar, MicroStrategy has seen its strategy pay off. It reported first quarter revenues of $122.9 million and its equity increased by more than 380% since adopting a bitcoin standard. And investors have remained excited about the strategy.

MicroStrategy currently leads all publicly-traded companies in bitcoin holdings by a wide margin, according to Bitcoin Treasuries. It has more than twice as many bitcoin as the next-largest HODLer, Tesla, which holds 43,200 BTC on its balance sheet.