MicroStrategy once again bought the dip. This time, the business intelligence firm added another 660 BTC to its corporate treasury.
MicroStrategy Adds More BTC To Its Haul
Per the form filed with the U.S. Securities and Exchange Commission (SEC) on Tuesday, MicroStrategy scooped up 660 bitcoins between December 30, 2021, and January 31, 2022. The company spent an eye-watering $25 million to purchase the coins, at an average cost of approximately $37,865 per coin.
As of Jan. 31, MicroStrategy held a total of 125,051 bitcoins on its balance sheet, valued at an astronomical $4.8 billion based on today’s market price. The firm’s average purchase price stands at $30,200 per coin, including fees and expenses.
Notably, the latest bitcoin purchase is considerably smaller compared to the preceding buys. MicroStrategy announced the acquisition of 1,914 BTC in the period between Dec. 9 and Dec. 29. The firm had previously purchased 1,434 BTC from Nov. 29 to Dec. 9.
The notable deceleration may suggest MicroStrategy is treading more carefully with its Bitcoin buys considering the crypto market’s latest downswing. The bellwether cryptocurrency has slumped to $38,426.34 as of publication time, after peaking at $69K in November.
Serial Bitcoin Buyer
MicroStrategy started looking at bitcoin as an investment back in 2020 when the company made its initial $425 million purchase. MicroStrategy’s bitcoin cache had surpassed $1.1 billion by the end of that year.
Since then, MicroStrategy is consistently adding bitcoin to its treasury, with CEO Michael Saylor, stressing that the firm doesn’t intend to ever sell as acquiring and holding bitcoin is their strategy.
The Saylor-helmed company is currently the world’s largest publicly traded corporate owner of the number one cryptocurrency. The latest report comes on the heels of the SEC objecting to MicroStrategy’s accounting practices for its bitcoin holdings.