MicroStrategy has added $489 million worth of Bitcoin to its treasury, now holding twice the value of Bitcoin as Elon Musk .
Despite the current struggling price of the largest cryptocurrency by market capitalization, MicroStrategy has purchased more Bitcoin (BTC).
According to Monday’s announcement, the business intelligence company purchased 13,005 BTC at an average price of 37,617 USD, totaling approximately 489 USD million.
The report on Monday enabled MicroStrategy’s Bitcoin balance sheet to break the 100,000 mark, and the company now holds is 105,085 worth BTC.
Based on the current Bitcoin spot price, MicroStrategy’s Bitcoin holdings are worth 2.74 million U.S. dollars, which is equivalent to the average price of each Bitcoin slightly higher than 26,000 U.S. dollars.
Also included in the announcement, the company revealed that its subsidiary MacroStrategy LLC owns 92,079 BTC of the total Bitcoin balance.
In early June, the firm announced an increase of $400 million in debt to expand its Bitcoin inventory. As previously reported by Cointelegraph, the junk bond issuance was covered four times, prompting the company to increase the debt offering to 500 million U.S. dollars.
Even without considering its recent purchases, MicroStrategy has the most Bitcoin on its balance sheet among all listed companies with BTC treasuries.
MicroStrategy holds more than twice the bitcoin held by Elon Musk’s Tesla.
At the time of Monday’s announcement, Bitcoin and the entire crypto market were in a red period.
The price of BTC briefly fell to the $32,000 mark, and Ethereum (ETH) fell below $2,000 for the first time since the end of May.
At the time of writing this report, the market capitalization value of cryptocurrencies has fallen by more than 5% in the past 24 hours of trading and is currently at 1.37 trillion U.S. dollars.
Monday’s price drop coincided with China’s reiteration of its earlier ban on public and private financial institutions from providing services to crypto-related companies.
This news follows the crackdowns from Beijing that has also impacted Bitcoin miners
