MicroStrategy has further cemented its role as a major player in the cryptocurrency space by purchasing over 300 bitcoins earlier today.
Software firm MicroStrategy announced on Tuesday, September 20 that it acquired 301 bitcoins.
The purchase comes as Bitcoin has weakened in recent weeks. The leading cryptocurrency dipped below the $20,000 level in recent days, and MicroStrategy used the lower price to expand its holdings.
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
— Michael Saylor⚡️ (@saylor) September 20, 2022
MicroStrategy’s chairman, Michael Saylor, shared the update on Twitter. He said the company purchased the 301 bitcoins for about $6 million, at an average price near $19,851 per coin.
After this acquisition, MicroStrategy’s total holdings stand at 130,000 bitcoins. The company reports it has spent roughly $3.98 billion to acquire those coins, averaging about $30,639 per bitcoin.
With 130,000 bitcoins, MicroStrategy controls roughly 0.62% of the total supply that will ever be mined.
According to the Securities and Exchange Commission filing submitted by the company, the latest purchase was made using excess cash on hand.
Michael Saylor stepped down as CEO earlier this year and took the role of executive chairman to focus more on acquiring bitcoin for the company.
Saylor has faced scrutiny recently, including a U.S. government tax lawsuit that has drawn public attention. Nevertheless, he has long been an outspoken proponent of Bitcoin and has overseen large purchases of the cryptocurrency for MicroStrategy.
Bitcoin’s price has been volatile. It briefly fell below $19,000 earlier today and is trading around $18,800 per coin at the time of this report.
Bitcoin hit an all-time high near $69,000 in November 2021. Since that peak it has lost more than 60% of its value and is currently trading below $20,000 per coin.