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MicroStrategy, the largest corporate holder of Bitcoin, is again buying the dip.
On Monday, the software firm and “Bitcoin development company” announced its Q1 2024 financial results, and took the opportunity to note that it has purchased even more Bitcoin since the end of March amid a rough few weeks for the crypto markets.
MicroStrategy purchased 122 additional Bitcoin for a total of $7.8 million between April 1 and April 26, according to the report. While that’s smaller than many of the company’s previous BTC buys over the last years, and a drop in the ocean compared to its overall stash, it does push the size of the company’s holdings to a new all-time peak.
As of Friday, MicroStrategy holds 214,400 Bitcoin, or $13.5 billion worth at the current price of the asset. It’s also more than 1% of the total supply of Bitcoin that will ever be created, with nearly 19.7 million BTC of the total 21 million supply currently circulating.
Even with Bitcoin falling more than $10,000 from its recent all-time high price of $73,737 set in March, the firm is very much in the green on its gradually growing investment. The cost basis of MicroStrategy’s Bitcoin holdings currently sits at $35,180 per coin, according to the press release, while the current price of BTC according to CoinGecko is $63,026.
MicroStrategy founder and Chairman Michael Saylor is one of the most outspoken Bitcoin bulls in the corporate world. Not only did he pivot his company’s focus to Bitcoin, but he also frequently posts “laser-eyed” Bitcoin memes and conducts interviews about the asset.
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Source: https://decrypt.co/228660/microstrategy-buys-even-more-bitcoin-13-5-billion
