MicroStrategy Adds $10M Worth of Bitcoin at $20.8K
The Michael Saylor-spearheaded business intelligence giant has spent $10 million to purchase 480 more BTC. Thus, the firm’s total stash is now close to 130,000 bitcoins.
Saylor took it to Twitter on June 29 to outline the latest purchase made by his company. This one, worth $10 million, secured the NASDAQ-listed firm 480 bitcoins.
The average price of the transaction was $20,817. MicroStrategy’s total BTC holdings have grown to 129,699, acquired for just shy of $4 billion (average price of $30,664).
MicroStrategy has purchased an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per #bitcoin. As of 6/28/22 @MicroStrategy holds ~129,699 bitcoins acquired for ~$3.98 billion at an average price of ~$30,664 per bitcoin. $MSTRhttps://t.co/leQYTXn817
— Michael Saylor⚡️ (@saylor) June 29, 2022
This means that the company continues to be in the red on its bitcoin investment. With the asset struggling to remain above $20,000, MicroStrategy’s entire position is now valued at $2.6 billion.
In other words, the NASDAQ-listed giant sits on an unrealized loss of over $1.4 billion.
Nevertheless, Saylor remains as bullish as ever, predicting a future price tag of $1 million for the primary cryptocurrency. Also, the recent turmoil has apparently not deterred him and his company as he promised to continue purchasing more portions of the asset.
Previously, there were concerns that MicroStrategy could face a margin call on its $205 million loan from Silvergate, which it used to buy more BTC a few months back. However, the company dismissed those rumors, reassuring that it has more than enough bitcoins to keep its position.
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