29 Jun 2022 · 1 min read

MicroStrategy Is Back - Saylor Buys the Dip, Adds 480 Bitcoin for USD 10M

Source: AdobeStock / JorgeEduardo

 

Michael Saylor’s company MicroStrategy has taken advantage of the currently low bitcoin (BTC) price by adding another BTC 480 to its coffers.

The bitcoin purchase, worth around USD 10m, was made at an average price of USD 20,817 per coin, above the market price at the time of writing (12:20 UTC) of around USD 20,100, Saylor said.

In total, MicroStrategy – a US-listed enterprise software firm that Saylor has turned into a quasi-Bitcoin exchange-traded fund (ETF) – now holds BTC 129,699 (USD 2.6bn), purchased at an average price of USD 30,664.

Commenting on the announcement, members of the Bitcoin community pointed out that MicroStrategy is buying more bitcoin even as some have speculated that the company would face margin calls if the BTC price falls below USD 21,000.

Michael Saylor himself has previously attempted to put these speculations to rest by saying that BTC would need to fall to as low as USD 3,562 before a loan it has with Silvergate Bank would require additional collateral.

"If the price of BTC falls below USD 3,562 the company could post some other collateral," the CEO said back then.

____
Learn more: 
- MicroStrategy Considering Yield Generation Options on BTC 95,643 Holdings
- 'Bitcoin Is Being Embraced' by the Government & Regulatory Future Is ‘Bright’ - MicroStrategy's Saylor

- Elon Musk Won't Sell Bitcoin, Ethereum, Dogecoins as Inflation Soars and Recession Risk Grows
- Bitcoin is Digital Property, Ethereum is Digital Security - Argues Michael Saylor