CEO Michael Saylor reported that the company has a total of 129 699 BTC on its balance sheet

MicroStrategy added 480 bitcoins worth $10 million

29.06.2022 - 17:00

341

2 min

What’s new? Analytics software company MicroStrategy has bought 480 bitcoins worth $10 million. The company's CEO Michael Saylor announced this on Twitter. According to him, the bitcoins were purchased at a price of $20 817. As of June 28, MicroStrategy has 129 699 BTC on its balance sheet, which were acquired for slightly less than $4 billion (at an average price of $30 664).

How did the bitcoin price drop affect MicroStrategy? As bitcoin collapsed to $22,250 in mid-June, the company suffered an unrealized “paper” loss of more than $1,4 billion. This means that as long as the company hasn't sold BTC at a discounted price, it remains an asset owner and does not lose the money it spent on the purchase. Despite this, Saylor called the first cryptocurrency the most reliable asset and added that he would continue to buy it even if conditions in the crypto market are bad.

What is known about MicroStrategy? It is a business intelligence software company. MicroStrategy was founded in 1989 by Michael Saylor, Sanju Bansal and Thomas Spahr. MicroStrategy invested $250 million in bitcoins as a backup asset in August 2020.

Saylor previously noted that MicroStrategy had no plans to sell BTC from its cryptocurrency reserves to secure earlier loans. On April 26, MicroStrategy joined Fidelity Investments, a custodial platform that provides a way to invest retirement savings in bitcoin.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy