Despite the enormous uncertainty in the cryptocurrency market, which sees Bitcoin (BTC) fighting to maintain above $19,000, MicroStrategy (NASDAQ: MSTR) is unfazed and has decided to ‘buy the drop.’
Indeed, MicroStrategy has acquired an additional 301 Bitcoins at an average price of $19,851 per coin, equating to around $6 million for the total acquisition, according to the company’s founder and former CEO Michael Saylor.
According to the United States Securities and Exchange Commission (SEC) report on the acquisition, the corporation disclosed that the sale occurred “between August 2, 2022 and September 20, 2022.” The document continues:
“As of September 19, 2022, MicroStrategy and its subsidiaries controlled a total of roughly 130,000 Bitcoins, which were bought for an aggregate purchase price of approximately $3.98 billion and an average purchase price of approximately $30,639 per Bitcoin, fees and costs included.”
MicroStrategy has a lengthy history of resiliency in the face of market turbulence, which its CFO Phong Le termed as “buy and hold” in January 2022, as reported by Finbold.
Saylor said in June 2022 that his organization anticipated the volatility of the leading digital asset when it selected a Bitcoin strategy and “designed its balance sheet so it could continue to HODL through hardship.”
Notably, MicroStrategy was one of the first corporations to keep cash in Bitcoin, with Saylor stating as early as September 2020 that Bitcoin “scales quite well as a store of wealth.”
MicroStrategy has beaten 97% of S&P 500 companies since implementing its BTC approach in August 2020, despite the company’s income declining in 2022 as a result of the prolonged cryptocurrency market crisis, according to data from August 2022.
Intriguingly, Saylor also thinks that Bitcoin will progressively “demonetize” gold, having a greater likelihood of being embraced by more countries than the precious metal, but with a path marked by peaks and valleys.
At the time of publication, Bitcoin was trading at $18,924, down 1.04% on the day and 11.48% for the previous week.
CoinMarketCap statistics indicates that Bitcoin’s market valuation is presently $362.51 billion, maintaining its position as the biggest cryptocurrency by this metric.
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