In Brief:
- MicroStrategy acquired additional 660 bitcoins worth $25 million, at the average price of $37,865 per bitcoin.
- The company now holds $3.78 billion worth of Bitcoins in its treasury.
Cloud software company Microstrategy, which is always on some bitcoin spree, has bought the dip again, acquiring 660 Bitcoins for $25 million in cash. The company paid an average price of $37,865 per bitcoin, it said in a statement.
With this, MicroStrategy now holds a total of 125,051 bitcoins with an average price of $30,200 per bitcoin in its treasury. The bitcoin-hoarding company owns about $3.78 billion worth of bitcoin.
The latest report comes just after the company’s stock dropped after the SEC rejected its bitcoin accounting in mid-January. The SEC objected to MicroStrategy’s reporting data related to bitcoin purchases for not complying with Generally Accepted Accounting Principles (GAAP).
According to the official data, MicroStrategy bought much fewer bitcoins in January than that in prior months. Last month, MicroStrategy bought 1,434 bitcoins worth $82.4 million, and then returned to its bag of tricks and sold 119,828 shares at an average price of $693.10 per share.
Despite a market dip, the company made a significant investment in bitcoin. Just a week ago, Chief Financial Officer Phong Le announced the company intends to keep investing in cryptocurrency.
Though it’s unclear whether the company will purchase more bitcoins this year than it did last year, it will keep buying. Moreover, if the market liquidates more in the near future, MicroStrategy will consider buying bitcoin-backed bonds as well.
