• Buying the Dip: MicroStrategy Spent $240 Million on Bitcoin

  • MicroStrategy appears to be sticking to its BTC-buying strategy after announcing another large purchase worth more than $240 million.

    MicroStrategy, a business intelligence company led by Michael Saylor, has purchased over 5,000 bitcoin worth $242.9 million. As a result, the firm’s total BTC holdings have risen to over 114,042.

    On Monday, September 13th, MicroStrategy founder and CEO Michael Saylor announced the latest bitcoin purchase via Twitter. According to the executive, the business intelligence firm paid $5,050 BTC at an average price of $48,099 per bitcoin.

    The CEO also revealed that the bitcoin purchase cost approximately $242.9 million. MicroStrategy paid approximately $177 million for nearly 4,000 bitcoin in August. After raising $500 million, the business intelligence behemoth also purchased over 13,000 BTC in June.

    With this latest acquisition, MicroStrategy’s CEO stated that the company now has 114,042 BTC in total. This sum currently has a USD value of more than $5 billion.

    Michael Saylor has previously expressed his belief in the primary cryptocurrency. Most recently, he stated that he or the company would not be forced to sell any bitcoin, regardless of the price.

    Meanwhile, the purchase announcement comes as BTC has dropped more than 2% in the last 24 hours, with the largest cryptocurrency currently trading at more than $44,000.

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