Microstrategy Buys The Dip By Purchasing 660 Bitcoin For $25M
The recent dip in BTC has not hindered the confidence of investors like Microstrategy as the company recently announced a major purchase of BTC for nearly $25M. According to the official figures available from US Securities and Exchange Commission, Microstrategy announced purchase of 660 BTC in recent months. The total purchase was made between the end of December and January.
The company so far holds about $3.78 billion worth of BTC, and their average purchase price amounts to about $30200 per BTC. However, the latest purchase of BTC works at an average of close to $37865 per BTC. In total, the company holds about 125,051 bitcoins that are currently worth close to $4billion.
It is interesting to note that Microstrategy had recently faced the heat from SEC due to its accounting practices related to BTC. The objection was about Microstrategy’s data pertaining to the purchase of BTC based on GAAP methods. The company had allegedly used non-GAAP methods to report data about BTC purchases. Following the objection by SEC, the shares of MicroStrategy had fallen to low levels in January.
Purchasing BTC in large quantities is nothing new to Microstrategy as the company had bought BTC recently at even higher prices. In December, the company announced the purchase of 1914 BTC at an average rate of $49229. Similarly, another purchase was made in the same month, during which the company bought 1434 BTC at an average price of $57477. Back in October, the company bought about 7002 BTC at an average price of $59187.