MicroStrategy Acquires DIP, Upgrades Additional 229 BTC to $ 10 Million

Michael Saylor's MicroStrategy aggressively bought during Bitcoin's current price drop, raising 229 BTC for $ 10 million. The software intelligence company MicroStrategy, which has become Bitcoin's flagship, announced today that it has collected 229 bitcoins with a total cost of $ 10 million. With the price of bitcoin dropping more than 22% last week, the company seems to see an opportunity to hoard more bitcoins at a relatively low price. According to a tweet from CEO Michael Saylor, the average purchase price for this last cycle was around $ 43,663 per bitcoin. This gives the company about 92,079 bitcoins (more than 0.4% of all BTC that would ever exist) purchased at an average of $ 24,450 per bitcoin. At the time of writing this article, the Bitcoin price is around $ 43,000. Since August 2020, MicroStrategy has been regularly purchasing bitcoin in various ways. It invested over $ 1 billion in February to purchase more than 90,000 BTC. He offered convertible senior securities to raise funds to buy BTC. And he offered to pay with Bitcoin to some of his board members. As a private organization leading the speculative attack on the dollar, MicroStrategy sees its strategy working. He said his first quarter revenue was $ 122.9 million and his equity had grown over 380% since the Bitcoin standard came into effect. And investors remained excited about the strategy. According to Bitcoin Treasures, MicroStrategy currently leads all exchange-traded companies in its bitcoin portfolio. Tesla, the second largest HODLer with 43,200 BTC on the balance sheet, has more than twice the bitcoin.

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