MicroStrategy Hoards More Bitcoin Amid Price Slump

MicroStrategy Incorporated is a company that is touted to hold the most significant amount of Bitcoin. It is reported that it is buying vast quantities of BTC during the price slump it is experiencing these days. In its latest US SEC filing, the software company has detailed how it will expand its BTC reserves.

The SEC filing reveals that the software company hoarded 301 Bitcoins between August 2, 2022, and September 19, 2022. The Bitcoins were purchased in cash and for an estimated value of $6 million at an average price of approx—$ 19,851 per token.

MicroStrategy brought Bitcoin with its excess cash reserve, and MSTR, with its subsidiaries, now holds around 130,000 BTCs.

The filing also reveals that the collective acquisition price of Bitcoin stands at $3.98 billion. The average purchase price is $30,639 per BTC and includes all the fees and expenses.

It was reported earlier by a prominent crypto news outlet that MSTR’s filing with the SEC revealed that it wants to sell $500 million in stocks to buy more BTC. This news went on to push the BTC price up to gain short-term momentum.

MicroStrategy Could Force BTC Prices To Go UP

The software company MicroStrategy continues with its acquisition spree of experts even after Bitcoin maximalist Michael Saylor. They quit as the CEO but are still on the chair of the board of directors. Saylor is still focusing on the BTC strategy even though MSTR reported a loss of over $1 billion in the second quarter of 2022 as the BTC price recorded a new low.

However, BTC prices have been tanking continuously by almost 10% in the past month, and as per the last reports, BTC is trading at an average price of $19,154. The token prices are up by 2% over the past 24 hours.

BTC’s 24-hour trading volume has seen a tanking of around 11%. It now stands at $35.24 billion. Bitcoin dominance also sank below the mark of 40%. It is still holding a market cap of $366.9 billion.