Breaking: Microstrategy Purchases Bitcoin Worth $10 Million Despite Crash

As the speculation of Bitcoin (BTC) values tanking further grows there are small, miniscule entities that are smelling profits in the misfortunes of BTC. One such entity is Microstrategy which specializes in Business Intelligence and also holds the distinction of being the largest institutional investor of Bitcoin.

This fact was revealed in a SEC filing which Microstrategy made where it said that it has purchased 480 BTC between May 3 and June 28. The 480BTC tokens were worth $10 million in cash, it announced. This pegs the average price of the BTC purchased at $20,817, including fees and expenses.

Microstrategy Strategy- Keep Adding Bitcoin

Microstrategy filing Details Company’s total count of BTC owned and said,  “As of June 28, 2022, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 129,699 Bitcoin. They were acquired at an aggregate purchase price of approximately $3.98 billion and an average purchase price of approximately $30,664 per BTC, including fees and expenses.”

Microstrategy CEO Michael Saylor took to twitter and said,  “MicroStrategy has purchased an additional 480 bitcoins for $10.0 million at an average price of $20,817 per BTC. As of 6/28/22 MicroStrategy holds 129,699 BTC acquired for $3.98 BTC at an average price of $30,664 per BTC.”

Undaunted By Bitcoin Price Fall

Earlier this month, the Terra token collapse led to the worst phase of Crypto Winter, and its effects left no crypto token untouched including Bitcoin. However, Microstrategy CEO Michael Saylor clarified that the volatility was anticipated and the company was well prepared to handle the slump. Mr. Saylor emphasized that his company had solid beforehand intelligence which enabled the company to chalk out a strategy to take care of the slump.

As of writing, Bitcoin is trading at $20,029.02 down 3.16% in the last 24 hours, according to crypto price tracking site CoinDesk. It had reached a high of $20,735.97 and a low of $19,841 in the last 24 hours. This is the first time in a week’s time that BTC went below the $20,000 figure.