Despite recent setbacks, business analytics company MicroStrategy has increased its holdings of Bitcoin (BTC), reiterating CEO Michael Saylor‘s strong perspective on digital assets. Amid the crypto market collapse, the Bitcoin-backed IT company MicroStrategy Inc. purchased an additional 480 coins for nearly $10 million.
According to documents submitted to the US Securities and Exchange Commission on Wednesday, the company bought the coins between May 3 and June 28 for nearly $20,817 each.
The price of Bitcoin was around $38,000 on May 3, and it was around $20,000 from June 14 to June 28. This suggests that the majority of MicroStrategy’s purchases took place during these latter two weeks. The purchase is the smallest Bitcoin acquisition MicroStrategy has made in more than a year. The greatest period between purchases since the company started using its Bitcoin buying technique was over 90 days, on April 5.
During a time of tremendous market volatility, MicroStrategy continues buying up Bitcoin. The price of Bitcoin temporarily fell below $20,000 on Wednesday, which is more than $10,000 less than the average acquisition price of the company. According to information from Bitcoin Treasuries, the firm presently has a net unrealized loss of close to $1.4 billion on its BTC holdings.
According to the filing, as of June 28, the firm owned about 129,699 Bitcoin purchased for roughly $3.98 billion, or $30,664 per coin. Given its extensive exposure to the bellwether token, whose value has more than half this year, the Tysons Corner, Virginia-based enterprise software developer is expected to disclose a major financial hit when it issues its second-quarter 10-Q this summer.
Nevertheless, CEO Saylor is optimistic about Bitcoin’s future and stated that the company is well-positioned for when the markets come around in an interview recently on July 17. On his Twitter page, he has consistently promoted Bitcoin.
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