MicroStrategy continues to cement its position as one of the leading institutions in the crypto space after purchasing over 300 bitcoins earlier today.
Software firm Microstrategy announced on Tuesday, September 20, that it had purchased 301 bitcoins.
The company took this step because the major cryptocurrencies have been underperforming in recent weeks. Bitcoin has fallen below the $20k mark over the past few days, and MicroStrategy has taken advantage of this to increase its position in the market.
MicroStrategy bought an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin, 9/19/22 . until @MicroStrategy Holds ~130,000 bitcoins earned for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
— Michael Saylor⚡️ (@saylor) September 20, 2022
MicroStrategy Chairman Michael Sayer announced this latest development an hour ago via Twitter. According to Saylor, MicroStrategy bought 301 bitcoins for $6 million at an average price of $19,851 per bitcoin.
Following this latest development, MicroStrategy now holds 130,000 bitcoins. The company said it acquired 130,000 bitcoins for $3.98 billion, averaging $30,639 per bitcoin.
Owning 130,000 bitcoins, Microstrategy now holds 0.62% of all bitcoins that will ever be mined.
according to Securities and Exchange Commission filingsMicroStrategy bought bitcoins with extra cash.
Michael Saylor recently stepped down as the company’s CEO after years. By assuming the role of executive chairman, Sayler wanted to focus on buying more bitcoin.
Saler has also come under pressure in recent weeks, with the United States government taking aim at the billionaire in a tax evasion lawsuit.
The former Microstrategy CEO has made public his admiration for bitcoin on several occasions. As a result, he bought thousands of bitcoins for the software development company.
Bitcoin has been underperforming in recent weeks. The leading cryptocurrency surpassed the $19k mark earlier today but is now trading around $18,800 per coin.
Bitcoin reached an all-time high of $69k in November 2021. However, it has since lost over 60% of its value and is now trading below $20k per coin.