MicroStrategy Just Bought 301 More Bitcoins Worth About $6 Million
The largest BTC holder, MicroStrategy, has kept its word by making another Bitcoin purchase today. Virginia-based company Tysons and its subsidiary now own a total of 130,000 BTC that have been acquired for a total value of approximately $3.89 billion.
Founder and executive chairman of MicroStrategy, Michael Saylor announced on Twitter the latest BTC buyout.
This is MicroStrategy’s 4th BTC purchase in 2022 with the value decreasing gradually in the direction of the cryptocurrency market, in stark contrast to the period of 2020-2021. The last time the company bought Bitcoin was at the end of June with a value of only $10 million.
The company spent a total of $6 million to acquire 301 BTC, bringing the total holdings to exactly 130,000 BTC. As a result, the Nasdaq-listed company has reasserted its position as the largest Bitcoin holder.
It is worth noting, however, that MicroStrategy is suffering a large unrealized loss on its BTC investments as it has spent almost $4 billion accumulating its account at an average price of over $30,000.
With BTC currently trading at around $19,000, that means the company’s position is now worth $2.5 billion — or an unrealized loss of $1.5 billion.
However, MicroStrategy has stated that it will not sell any of its Bitcoins, despite the dire situation. Even after Saylor stepped down as CEO, the company continues to accumulate more BTC and even plans to raise more money to do so.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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