MicroStrategy Shows Faith And Buys More Bitcoin Amidst Market Sell-Off

Nasdaq-listed business intelligence firm, MicroStrategy, has purchased more Bitcoin.

A Wednesday filing with the U.S. Securities and Exchange Commission (SEC), revealed that the Michael Saylor led company bought the dip once again and between May 3 and June 28, it “acquired approximately 480 bitcoins for approximately $10.0 million in cash, at an average price of approximately $20,817 per bitcoin, inclusive of fees and expenses.”

Furthermore, the filing confirms MicroStrategy’s total holdings which “were acquired at an aggregate purchase price of approximately $3.98 billion and an average purchase price of approximately $30,664 per bitcoin, inclusive of fees and expenses.”

“As of June 28, 2022, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 129,699 bitcoins.”

The firm’s CEO and notorious Bitcoin bull, Michael Saylor, has always been open about MicroStrategy’s ambitions to “hodl”. In May he said:

“We are in it for the long term … Our strategy is to buy bitcoin and hold the bitcoin, so there’s no price target. I expect we’ll be buying bitcoin at the local top forever.

I expect bitcoin is going to go into the millions. So, we’re very patient. We think it’s the future of money.”

Saylor had also said that Bitcoin is a safe haven, with his firm continuing to buy forever.