MicroStrategy scoops up 480 Bitcoin amid market slump

Business intelligence firm MicroStrategy has added to its Bitcoin (BTC) holdings, reaffirming CEO Michael Saylor’s bullish outlook on the digital asset despite its recent struggles. 

In a Form 8-K filing with the United States Securities and Exchange Commission (SEC), Microstrategy disclosed that it had acquired an additional 480 BTC at an average price of roughly $20,817. The total purchase amount was $10 million in cash.

With the purchase, MicroStrategy now holds 129,699 BTC, making it the largest corporate holder of Bitcoin. The total value of its holdings is roughly $3.98 billion.

The business intelligence firm is scooping up Bitcoin during a period of extreme market volatility. On Wednesday, Bitcoin’s price briefly dipped below $20,000, which is more than $10,000 lower than the company’s average acquisition price. The company’s BTC stash is currently sitting at a net unrealized loss of nearly $1.4 billion, according to data provided by Bitcoin Treasuries.

Related: MicroStrategy may explore ‘future yield generation opportunities’ on 95,643 BTC holdings

Michael Saylor, the firm’s CEO, remains bullish on Bitcoin’s long-term prospects. Earlier this month, he told his 2.5 million Twitter followers that the firm plans to “HODL through adversity” and has no plans to offload its holdings. The bullish reaffirmation came amid rumors that the company risked a margin call if Bitcoin’s price fell below $21,000. According to Saylor, the margin call rumor is a “nothing issue.”

MicroStrategy reported first-quarter revenues of $119.3 million. Gross profit for the quarter was $93.6 million. 

All Dutch and English crypto news!

FTX former execs and promotors to settle class lawsuit for $1.3M

Former FTX and Alameda executives agreed to share information to aid in the class group’s legal fight against other alleged FTX promoters. News Own this piece of...

Bitcoin Cash open interest surges past $700M ahead of BCH halving

Bitcoin Cash hasn’t seen open interest at this level since May 2021, when its price was nearly 2.5 times higher. Markets News Own this piece of crypto...

New Bitcoin ETFs now hold 500,000 BTC and GBTC outflows slow

The newly launched spot Bitcoin ETFs, excluding Grayscale have now amassed $35 billion worth of Bitcoin in just 54 days of trading. News Own this piece of...

Ben je nog op tijd om in te stappen in Fetch.ai?

Een van de heetste crypto’s van 2024 is Fetch.ai. De laatste twee letters verklappen eigenlijk al wat voor soort crypto dit is, Fetch doet van...

Beste exchanges

Koop je crypto bij Bitvavo