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MicroStrategy Buys Additional $25M Worth of Bitcoin During Market Dip
The acquisition rate in January was markedly lower than in December.
Updated May 11, 2023, 4:01 p.m. Published Feb 1, 2022, 1:17 p.m.
MicroStrategy (Nasdaq: MSTR), the business-intelligence software company that has taken to accumulating bitcoin, said it bought approximately 660bitcoins for around $25 million between Dec. 30, 2021, and Jan. 31, 2022.
- The company paid an average price of $37,865 per bitcoin, it said in a statement.
- The 660 BTC acquired across the 32-day period equates to an average of 21 a day. That's a markedly lower rate than in December, when the firm bought 1,914 in the 20 days ended Dec. 29 – an average of 96 a day – and that was itself slower than the 1,434 bitcoin it bought in the first nine days of the month.
- The slowdown may point to MicroStrategy exercising greater caution in its bitcoin acquisitions given the market's recent downturn. The world's largest cryptocurrency by market capitalization hit a record high near $69,000 in November and is now trading around $39,000.
- Tysons Corner, Va.-based MicroStrategy now holds a total of 125,051 bitcoins, valued at about $4.8 billion at the current bitcoin price of $38,700.
- Shares of MicroStrategy have fallen around 34% over the last month.
- CEO Michael Saylor has been insistent that the company has no plans to sell its bitcoin holdings and is invested the long term.
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Read more: SEC Objects to MicroStrategy’s Accounting Adjustment for Its Bitcoin Holdings
UPDATE (Feb. 1, 13:27 UTC): Corrects dates in the first paragraph to Dec. 30, 2021 and Jan. 31, 2022.
UPDATE (Feb. 1, 14:39 UTC): Adds rate of purchases in the second and third bullet points.
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