MicroStrategy buys another $15 million of Bitcoin

Bitcoin Golden

What happened to buying the dip? Business analytics firm MicroStrategy has made yet another large Bitcoin purchase, acquiring a further $15 of the world’s most precious cryptocurrency.

This new buy is large, but not quite as titanic as the $1 billion the company poured in last month.

The firm announced that it had purchased approximately 262 more BTC at an average price of $57,146, which is just about a thousand shy of the all-time high. This latest purchase brings its total Bitcoin holdings to around 91,326, bought for an average price of $24,214 apiece.

At current valuation, this stash is equal to around $5.1 billion, compared to the $2.1 billion MicroStrategy paid for it.

And although its latest purchase is significantly smaller than usual, buys like these are also steadily helping the company’s share price recover from a month-long downturn that saw the stock dip to as low as $547.40 on March 5.

It was listed at $765 in premarket trading today, and currently stands at $803.75.

CEO Michael Saylor has long been an advocated of digital currencies, particularly Bitcoin.

He even held a conference called “Bitcoin for Corporations” on February 4 to attract mode institutional investment, revealing that he held the event by popular demand to answer questions by fellow CEOs about the Bitcoin purchases his company has been making.

MicroStrategy first bought into Bitcoin with a $250 million purchase back in August. Since then, Saylor has changed the company’s treasury reserve policy to make the digital currency its reserve asset.

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