• MicroStrategy has purchased 810 Bitcoins worth $13.6 million, bringing its total BTC holdings to 132,500.
• The company made purchases through its subsidiary (MacroStrategy) on December 28 and sold 704 BTC for $11.8 million on December 24.
• MicroStrategy’s BTC stash is now worth $2.25 billion, although it cost the company $4 billion to acquire all its BTC assets.
MicroStrategy, the software development company founded by Michael Saylor, has continued to show its trust in Bitcoin (BTC) despite the crypto market bear trend and the declining value of the asset. Recently, the company purchased 810 Bitcoins worth $13.6 million to bring its total BTC holdings to 132,500.
The company made purchases through its subsidiary (MacroStrategy) on December 28. Last Thursday, the software developer sold close to 704 BTC for $11.8 million under the guise that a loss on the transaction would be enough to balance the previous capital gains. However, on Saturday, MicroStrategy purchased 810 Bitcoins worth $13.6 million to bring its total BTC holdings to 132,500.
A further breakdown of MicroStrategy’s BTC acquisition shows that the company added 2,501 BTC on November 1, spending $44.6 million on the purchase. This past week’s sale was the first time the firm sold its holdings since it began buying the crypto asset in 2020.
Based on BTC’s current price, the latest acquisition means Microstrategy’s BTC stash is now worth $2.25 billion. That would be a loss, given that it cost the company $4 billion to acquire all its BTC assets. Michael Saylor has been instrumental in MicroStrategy’s BTC purchase as he oversees the company’s acquisition of the asset in installments.
The company shares have seen a marginal rise during the week’s premarket session, while BTC’s price hovers below $17,000 as it changes hands at $16,601 at the time of writing, according to data from CoinMarketCap.
It remains to be seen if the crypto market bear trend and the declining value of BTC will be enough to deter MicroStrategy from increasing its BTC stash. However, the company’s faith in Bitcoin continues to be evident.