MicroStrategy Keeps Buying the Dip, Adding 1,438 Bitcoins to Its BTC Portfolio

MicroStrategy, the US-based application development business best known for spearheading the corporate battle for Bitcoins (BTC), has added to its portfolio yet again.MicroStrategy purchased about 1,500 Bitcoins at an average price of $57,477 between November 29 and December 8. (roughly Rs. 43.4 lakh). The latest acquisition brings MicroStrategy’s total Bitcoin holdings to 122,478 coins, purchased at an average price of $29,861 (approximately Rs. 22.55 lakh) per coin. This figure is close to $6 billion at current pricing (roughly Rs. 45305.56 crores).

MicroStrategy has been steadily adding to its Bitcoin holdings, buying the world’s largest cryptocurrency on falls. CEO Michael Saylor tweeted on Thursday about a new development in the company’s Bitcoin holdings.

Saylor included a link to the Form 8-K it submitted to the US Securities and Exchange Commission in the tweet (SEC).

When the cryptocurrency was selling at around $50,000 in August, the business acquired about $177 million (roughly Rs. 1,336.51 crores) worth of BTC for over $45,294 (roughly Rs. 34.2 lakh) apiece (roughly Rs. 37.75 lakh).

In September, MicroStrategy purchased another 5,050 Bitcoins for $242.9 million (about Rs. 1,827.32 crores). Furthermore, Saylor claimed in late October that his business had purchased about 8,957 Bitcoins at an average price of $46,876 (roughly Rs. 35.39 lakh) per BTC before adding another 7,002 BTC in November.

Saylor also stated that he is a member of the Bitcoin Mining Council and that his support for the world’s most popular cryptocurrency extends beyond purchasing dips. The company is the first public company to invest in Bitcoin.

Corporations have BTC 1,470,015 or 7% of the entire circulating supply, according to Bitcoin Treasuries, a reliable dashboard that analyses Bitcoin holdings of publicly listed firms.

Bitcoin is held by publicly traded firms worth more than $71 billion (approximately Rs. 5,36,115.78 crore), with corporate participants making a 31 percent return on average. The most successful holders, Riot Blockchain and Hut 8 Mining have boosted their allocations by more than 400%.

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