MicroStrategy Continues to Buy the Dip, Adds 1,438 Bitcoins to Its BTC Purse

MicroStrategy has opted for Bitcoin accumulation haul every time the cryptocurrency has seen a sharp dip.

By Shomik Sen Bhattacharjee | Updated: 10 December 2021 15:03 IST

MicroStrategy Continues to Buy the Dip, Adds 1,438 Bitcoins to Its BTC Purse

Photo Credit: Pexels/ Olya Kobsuseva

MicroStrategy acquired 1,434 bitcoins between November 29 and December 8

Highlights

MicroStrategy added BTC 1,438 in its newest addition
CEO Michael Saylor continues to stay true to his 'buy the dip' stance
MicroStrategy now holds a total of 122,478 Bitcoins

MicroStrategy, the US-based software development company known for its leading role in the corporations' race for Bitcoins (BTC), has confirmed yet another addition to its kitty. This time around, MicroStrategy bought almost 1,500 Bitcoins between November 29 and December 8, at an average price of $57,477 (roughly Rs. 43.4 lakh). The newest addition pushes the total number of Bitcoin held by MicroStrategy to 122,478 coins, acquired at an average price of $29,861 (roughly Rs. 22.55 lakh) per coin. At current prices, this sum equals close to $6 billion (roughly Rs. 45305.56 crore).

MicroStrategy has been on a consistent Bitcoin accumulation spree, buying the world's biggest cryptocurrency during dips. On Thursday, CEO Michael Saylor tweeted about a new development in the firm's Bitcoin holding. In the tweet, Saylor shared the link for Form 8-K, which it presented to the United States Securities and Exchange Commission (SEC).

MicroStrategy has purchased an additional 1,434 bitcoins for ~$82.4 million in cash at an average price of ~$57,477 per #bitcoin. As of 12/9/21 we #hodl ~122,478 bitcoins acquired for ~$3.66 billion at an average price of ~$29,861 per bitcoin. $MSTR https://t.co/Xke8QhoYpy
— Michael Saylor⚡️ (@saylor) December 9, 2021

In August, the firm bought around $177 million (roughly Rs. 1,336.51 crore) worth BTC at over $45,294 (roughly Rs. 34.2 lakh) each when the cryptocurrency was trading at nearly $50,000 (roughly Rs. 37.75 lakh).

MicroStrategy later bought another 5,050 Bitcoins for approximately $242.9 million (roughly Rs. 1,827.32 crore) in September. Furthermore, in late October, Saylor announced that his firm had bought around 8,957 Bitcoins at an average price of $46,876 (roughly Rs. 35.39 lakh) for each BTC before another addition of BTC 7,002 in November.

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Saylor also revealed that he is an active member of the Bitcoin Mining Council, and his support for the world's biggest cryptocurrency isn't limited to buying dips. The firm is the first publicly listed firm to invest in Bitcoin.

As displayed by Bitcoin Treasuries, a credible dashboard that tracks Bitcoin holdings of publicly traded companies, corporations hold BTC 1,470,015 or seven percent of its total circulating supply.

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Publicly traded corporations hold more than $71 billion (roughly Rs. 5,36,115.78 crore) in Bitcoin while on average, corporate players hold Bitcoin with a 31 percent profit. Riot Blockchain and Hut 8 Mining are the most successful holders and have increased their allocations by more than 400 percent.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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