MicroStrategy adds another $10m of BTC to its holdings

The firm currently holds 129,699 in BTC – more than two and a half times as many as Tesla

Microstrategy                                 
MicroStrategy currently holds approximately 129,699 in BTC at a value of $3.98bn – Photo: Shutterstock
                                

A recent filing report shows that MicroStrategy has purchased an additional 480 BTC at an average price of $20,817 per Bitcoin, between the period of 3 May to 28 June. The total purchase amount is said to be around $10m. 

MicroStrategy CEO Michael Saylor took to Twitter to confirm the news, stating that as of June 28, MicroStrategy and its subsidiaries currently hold approximately 129,699 in BTC, which were acquired at an aggregate purchase price of around $3.98bn, with an average purchase price of approximately $30,664 per Bitcoin.

Saylor remains optimistic on crypto

Saylor, who is a vocal backer of cryptocurrencies, has remained relatively unfazed about the future of cryptocurrencies despite the current sell-off mood and greater market slump. In fact, Saylor’s recent Tweets show that he favours the market as an opportunity to buy and hold, stating that “Bitcoin is the antidote to chaos”, as well as claiming that BTC is the only investment-grade cryptocurrency.

Earlier this year, MicroStrategy made headlines as it took out a $205m term loan to boost its holding of Bitcoin. The loan, which was facilitated through San Diego-based Silvergate Bank via the Silvergate Exchange Network (SEN), is set to be used towards the acquisition of more Bitcoin, the payment of loan expenses and general corporate purposes. 

The firm, however, faced recent claims about its BTC holdings and whether it would be required to sell off the cryptocurrency in order to cover costs.

Saylor responded to the claims, stating that “MicroStrategy has a $205m term loan and needs to maintain $410m as collateral. If the price of BTC falls below $3,562 the company could post some other collateral.”

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