MicroStrategy Increases Bitcoin Portfolio with $10M Purchase
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June 29, 2022

MicroStrategy is continuing its campaign of bitcoin (EXANTE: Bitcoin) allocation as the company has purchased an additional 480 BTC for $10 million in cash, bringing the total amount under custody to 129,699 BTC.

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The latest deal was done at an average price of approximately $20,817 per BTC, the company said in a regulatory filing. With the purchase, the total amount of bitcoins held by MicroStrategy has increased to $3.98 billion and an average purchase price of approximately $30,664 per BTC.

Michael Saylor: MicroStrategy Will Continue to Hold Bitcoin Despite Poor Market Conditions

The move comes as the whole cryptocurrency market is struggling to stay above the $20,000 mark. As of press time, the largest cryptocurrency by market capitalization is trading at $20,002.

Earlier, MicroStrategy CEO, Michael Saylor, said that the financial market was "not quite ready" for bitcoin-backed bonds, citing regulatory uncertainty and market volatility.

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