- MicroStrategy has added Bitcoin to its portfolio for the umpteenth time this year, capitalising on a recent dip in the market.
- BTC has fallen 10% over the past month, which has not deterred Saylor and co from building their holdings.
- MicroStrategy now owns a whopping 226k+ BTC, valued at over US $8b.
No, this is not an accidental repost – Michael Saylor has purchased Bitcoin yet again.
It’s been a tough run for crypto’s big dog over the past little while, with BTC falling below its US $66k (AU $99k) support level for the first time in over a month. All up, Bitcoin is down nearly 10% in the past four weeks of trading as the market appears set for a short-term holding pattern.
But perhaps this relatively poor performance is exactly the reason Saylor and his tech company MicroStrategy has pounced.
“Buy the dip” is a long-time quote for all Bitcoin maximalists, and Saylor and co are the maximalists to end all maximalists. So it makes sense they’ve strengthened their BTC portfolio at the slightest hint of opportunity.
Related: Ready To Go! VanEck’s VBTC Bitcoin ETF Starts Trading on ASX in Australian First
MicroStrategy Still Boasts Biggest Bitcoin Portfolio…In Other News, Grass is Green
The official purchase came in at approximately US $786m (AU $1.1b), buying 11,931 BTC at an average price of around US $65.8k (AU $98k). This puts MicroStrategy’s overall BTC holdings at an absurd 226,331.
MicroStrategy is by far the largest corporate holder of Bitcoin. The next best, Galaxy Digital, owns approximately 18k BTC, valued at around US $1b (AU $1.5b) – which in its own right is nothing to scoff at.
Marathon Digital, Tesla and Hut 8 round out the top five as of March 2024.
Bitcoin Gains Outweigh Saylor’s Legal Losses
Saylor has been a constant of the crypto news cycle to kick off the year, for good and bad. His company was rewarded for its steady investments in BTC over the past decade, with the team’s average buy-in price still well under US $40k (AU $60k).
However, Michael Saylor himself endured a massive out-of-court settlement with the District of Columbia earlier in June due to tax evasion charges.
Source:
https%3A%2F%2Fcryptonews.com.au%2Fnews%2Fmicrostrategy-boosts-bitcoin-holdings-with-786-million-purchase-totalling-226331-btc-121644%2F