Following the purchase of 480 BTC by MicroStrategy, the business intelligence firm has increased Bitcoin holdings to 129,699 BTC at an average price of $30,644, in spite of the crypto bear market.
In spite of recent setbacks, business analytics company MicroStrategy has increased its holdings of Bitcoin (BTC), reiterating CEO Michael Saylor’s strong perspective on the digital asset.
Microstrategy revealed that it had purchased an additional 480 BTC at an average cost of about $20,817 in a Form 8-K filing with the Securities and Exchange Commission (SEC) of the United States. $10 million in cash was used for the entire acquisition.
The greatest corporate Bitcoin holder, MicroStrategy now possesses 129,699 BTC as a result of the acquisition. Its holdings are worth approximately $3.98 billion in total.
During a time of tremendous market volatility, the business intelligence company is buying up Bitcoin. The price of Bitcoin temporarily fell below $20,000 on Wednesday, which is more than $10,000 less than the typical acquisition price of the business.
According to information from Bitcoin Treasuries, the corporation presently has a net unrealized loss of close to $1.4 billion on its BTC holdings.
The CEO of the Microstrategy, Michael Saylor, is still optimistic about the long-term potential of Bitcoin. He informed his 2.5 million Twitter followers earlier this month that the company intends to “HODL through hardship” and has no plans to sell its shares.
The positive statement came amid concerns that the business ran the possibility of receiving a margin call if the price of Bitcoin dropped below $21,000. Saylor claims that the rumor about the margin call is “nothing to worry about.”
$119.3 million in revenue was reported for the first quarter by MicroStrategy. The quarter’s gross profit was $93.6 million.