MicroStrategy scoops up 480 Bitcoin amid market slump

Enterprise intelligence agency MicroStrategy has added to its Bitcoin (BTC) holdings, reaffirming CEO Michael Saylor’s bullish outlook on the digital asset regardless of its latest struggles. 

In a Type 8-Okay submitting with america Securities and Alternate Fee (SEC), Microstrategy disclosed that it had acquired an extra 480 BTC at a median worth of roughly $20,817. The whole buy quantity was $10 million in money.

With the acquisition, MicroStrategy now holds 129,699 BTC, making it the biggest company holder of Bitcoin. The whole worth of its holdings is roughly $3.98 billion.

The enterprise intelligence agency is scooping up Bitcoin throughout a interval of maximum market volatility. On Wednesday, Bitcoin’s worth briefly dipped beneath $20,000, which is greater than $10,000 decrease than the corporate’s common acquisition worth. The corporate’s BTC stash is at present sitting at a web unrealized lack of practically $1.4 billion, in keeping with information supplied by Bitcoin Treasuries.

Associated: MicroStrategy could discover ‘future yield era alternatives’ on 95,643 BTC holdings

Michael Saylor, the agency’s CEO, stays bullish on Bitcoin’s long-term prospects. Earlier this month, he informed his 2.5 million Twitter followers that the agency plans to “HODL via adversity” and has no plans to dump its holdings. The bullish reaffirmation got here amid rumors that the corporate risked a margin name if Bitcoin’s worth fell beneath $21,000. In response to Saylor, the margin name rumor is a “nothing difficulty.”

MicroStrategy reported first-quarter revenues of $119.3 million. Gross revenue for the quarter was $93.6 million.