MicroStrategy extended its weekly Bitcoin buying spree for the seventh consecutive time, solidifying its position as the largest corporate Bitcoin holder with nearly $45 billion in assets.
Michael Saylor, MicroStrategy executive chairman, announced the company bought 5,262 Bitcoin (BTC) for $561 million at an average price of $106,662 before the recent market correction. The Virginia-based software company now holds 444,262 BTC, reinforcing its lead as the top institutional Bitcoin holder.
With an initial investment of $27.7 billion, MicroStrategy recorded nearly $15 billion in unrealized profits at the time of writing, despite last weekโs cryptocurrency market downturn.
Replies from skeptics citing Bitcoinโs current price versus MicroStrategyโs buying price flooded Saylorโs weekly announcement on X.
Following hawkish from the Federal Reserve, a market-wide correction saw BTC trading below $95,000 at press time. Critics, including U.S. stockbroker and economist Peter Schiff, took aim at Saylorโs approach, referring to the latest purchase as the firmโs smallest in seven weeks. Schiff argued that MicroStrategy should focus on buying the dip to maximize shareholder value.
In addition to the Bitcoin purchase, MicroStrategy disclosed in a Form 8-K filing with the Securities and Exchange Commission that it had sold approximately 1.32 million shares of MSTR convertible notes, raising over $7 billion. The funds are reportedly intended for further Bitcoin acquisitions.
While Saylor announced the smallest purchase in seven weeks, Metaplanet, hailed as Japanโs MicroStrategy, unveiled its biggest BTC buy yet. The Tokyo-based company pumped $60.6 million into its Bitcoin treasury.
