For a purchase of 29,646 BTC for a total of $650 million, an average of about $21,925 per Bitcoin, market analytics firm MicroStrategy added to its Bitcoin stash.
CEO Michael Saylor quickly tweeted the news after the price pullback to $22,247, but it is uncertain whether the acquisition coincided with this case.
With a $400 million debt protection sale to collect funds for the purchase, MicroStrategy revealed its plan to purchase more Bitcoin earlier this month. Ultimately, the bond sale brought in $650 million, which has now been used to purchase Bitcoin as promised.
The firm currently owns a record of BTC 70,470, purchased at an average price of $15,964 per Bitcoin. This makes it Bitcoin’s fifth-largest individual hodler, one rank ahead of the government of the United States, supposedly holding 69,420 BTC.
In August, MicroStrategy began its Bitcoin ride with a $250 million purchase of 21,000 BTC. The corporation announced at the time that its plan was to accept Bitcoin as its key reserve currency as a protection against the inflation of the U.S. dollar. This was followed by further purchases, including a September acquisition of $425 million, which were carried out via the over-the-counter desk of Coinbase.Most recently, Saylor advised fellow billionaire Elon Musk to follow in his footsteps and use BTC as Tesla’s only reserve currency to replace the U.S. dollar. This would allow other S&P 500 corporations to join suit, Saylor stated, compounding the advantages of the move.