Business intelligence firm MicroStrategy has added to its Bitcoin (BTC) holdings, reaffirming CEO Michael Saylorโs bullish outlook on the digital asset despite its recent struggles.ย
In a Form 8-K filing with the United States Securities and Exchange Commission (SEC), Microstrategy disclosed that it had acquired an additional 480 BTC at an average price of roughly $20,817. The total purchase amount was $10 million in cash.
With the purchase, MicroStrategy now holds 129,699 BTC, making it the largest corporate holder of Bitcoin. The total value of its holdings is roughly $3.98 billion.
MicroStrategy has purchased an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per #bitcoin. As of 6/28/22 @MicroStrategy holds ~129,699 bitcoins acquired for ~$3.98 billion at an average price of ~$30,664 per bitcoin. $MSTRhttps://t.co/leQYTXn817
โ Michael Saylorโก๏ธ (@saylor) June 29, 2022
The business intelligence firm is scooping up Bitcoin during a period of extreme market volatility. On Wednesday, Bitcoinโs price briefly dipped below $20,000, which is more than $10,000 lower than the companyโs average acquisition price. The companyโs BTC stash is currently sitting at a net unrealized loss of nearly $1.4 billion, according to data provided by Bitcoin Treasuries.
Related: MicroStrategy may explore โfuture yield generation opportunitiesโ on 95,643 BTC holdings
Michael Saylor, the firmโs CEO, remains bullish on Bitcoinโs long-term prospects. Earlier this month, he told his 2.5 million Twitter followers that the firm plans to โHODL through adversityโ and has no plans to offload its holdings. The bullish reaffirmation came amid rumors that the company risked a margin call if Bitcoinโs price fell below $21,000. According to Saylor, the margin call rumor is a โnothing issue.โ
MicroStrategy reported first-quarter revenues of $119.3 million. Gross profit for the quarter was $93.6 million.ย
