MicroStrategy of M. Saylor buys dip by buying over 300 Bitcoins

Despite significant uncertainty in the cryptocurrency market, which has seen Bitcoin (BTC) struggle to stay above $19,000, software company MicroStrategy (NASDAQ:MSTR) appears to be holding steady, deciding to “buy the dip.”

MicroStrategy has already purchased an additional 301 Bitcoins at an average price of $19,851 per coin, roughly $6 million for the entire purchase, from its founder and former CEO Michael Saylor. He said On September 20.

According to a US Securities and Exchange Commission (SEC) report on the purchase, the company announced that the sale took place “between August 2, 2022 and September 20, 2022.” The document adds the following:

As of September 19, 2022, MicroStrategy, together with its subsidiaries, held approximately 130,000 Bitcoins, which were acquired at a total purchase price of approximately $3.98 billion and an average purchase price of approximately $30,639 each. Bitcoin, including fees and expenses.”

Bitcoin History for MicroStrategy

MicroStrategy has a long history of holding out for the company in the face of market volatility, which CFO Phong Le described as a “buy and hold” strategy, as Coinphony reported in January 2022.

Most recently, in June 2022, Saylor asserted that his company anticipated the volatility of major digital assets when it adopted a bitcoin strategy and “organized its balance sheet so it can continue HODL through adversity.”

It is also worth noting that MicroStrategy was one of the first companies to hold cash in Bitcoin, with Saylor arguing in September 2020 that Bitcoin is “expanding as a store of value.”

Meanwhile, MicroStrategy has outperformed 97% of the S&P 500 shares since adopting the BTC strategy in August 2020, despite the company’s profits plummeting in 2022 as a result of the extended crash of the crypto market, data from August 2022 shows.

Interestingly, Saylor also believes that Bitcoin will gradually “demonize” gold, with a greater chance of it being adopted by more authorities than the precious metal, although its path to doing so will be marked by highs and lows.

Bitcoin price analysis

As it stands, Bitcoin is trading at $18,924 at press time, down 1.04% on the day and also 11.48% from the previous week.

Bitcoin seven day price chart. Source: CoinMarketCap

At the same time, the market capitalization of Bitcoin is currently $362.51 billion, which maintains its position as the largest cryptocurrency according to this indicator, CoinMarketCap data shows.

warning: The content of this website should not be considered as investment advice. Investments are speculative. When you invest, your capital is at risk.

M. Saylor’s MicroStrategy appeared in the post-drop by buying over 300 Bitcoins for the first time on Coinphony.

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