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Michael Saylor’s company bought an extra $82.4 million worth of bitcoin about a week after announcing a $414 million purchase.
Software intelligence company and bitcoin accumulator MicroStrategy has increased its BTC holdings with a recent acquisition of 1,434 coins, according to a Securities and Exchange Commission (SEC) filing Thursday. The purchase was made between November 29 and December 8 for $82.4 million in cash, valuing each BTC bought at about $57,477 on average.
The acquisition came a little over a week after the company announced it had purchased more than 7,000 BTC for $414.4 million. MicroStrategy said it now holds approximately 122,478 bitcoin acquired at an average price of $29,861 per coin, an aggregate purchase price of $3.66 billion. At the time of writing, the company’s bitcoin holdings are worth about $6 billion.
“MicroStrategy has purchased an additional 1,434 bitcoins for ~$82.4 million in cash at an average price of ~$57,477 per bitcoin,” MicroStrategy CEO Michael Saylor tweeted on Thursday.
Saylor is known in the Bitcoin community for his HODL mentality, a relentless push to acquire as much BTC as possible and not lend it out. MicroStrategy could earn significant passive income with bitcoin-backed loans with such a big bitcoin stack. However, Saylor has made it clear that the company’s objective is to reduce counterparty risk, which is considerably high with bitcoin loans, and increase its bitcoin holdings.
The new purchase puts MicroStrategy at around $500 million worth of bitcoin bought as the price dropped by nearly 30% from $69,000 in early November to $48,400 at the time of writing. Long-term thinking based on the fundamentals of Bitcoin, which Saylor equates to “digital property,” led the company to be greedy as the market turned fearful. MicroStrategy bought more than 290 BTC per day during the 29-day price dip, about $7 million destined to bitcoin on a daily basis.