01 Mar 2021 · 1 min read

MicroStrategy Spent USD 15M on Bitcoin Dip

One of the most bullish non-crypto companies, US-based software developer MicroStrategy, just used the recent bitcoin (BTC) correction to increase their BTC stash.

Source: Adobe/velishchuk

Per CEO Michael Saylor, the company has purchased an additional BTC 328 for around USD 15m in cash at an average price of USD 45,710 per BTC.

As of today, MicroStrategy now owns BTC 90,859, acquired for USD 2.186bn at an average price of USD 24,063 per bitcoin, he added. This stash is now worth almost USD 4.4bn.

At the time of writing (13:24 UTC), BTC trades at USD 48,392 and is up by 8% in a day, trimming its weekly losses to 16%. The price rallied by 42% in a month.

Last week, MicroStrategy said it acquired BTC 19,452, paying an average price of approximately USD 52,765 per BTC. They also confirmed that the company will keep buying BTC with "excess cash" and they might issue new debt or equity securities to buy more of the most popular cryptocurrency.

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(Updated at 13:33 UTC with a video.)