Bought the Dip? MicroStrategy Purchased $10M in Bitcoin at $43.6K

By Jordan Lyanchev

Michael Saylor’s NASDAQ-listed company continues with its initiative to purchase sizeable amounts of bitcoins at frequent intervals. The firm said earlier today it had allocated another $10 million in cash in BTC, and its total stash is over 92,000 coins.

The founder and CEO of the business intelligence giant announced the latest purchase on Twitter earlier on May 12th.
It reads that the firm has bought 229 bitcoins for $10 million in cash at an average price of $43,663 per coin.

MicroStrategy has purchased an additional 229 bitcoins for $10.0 million in cash at an average price of ~$43,663 per #bitcoin. As of 5/18/2021, we #hodl ~92,079 bitcoins acquired for ~$2.251 billion at an average price of ~24,450 per bitcoin. $MSTRhttps://t.co/fU6LN4WbKI

— Michael Saylor (@michael_saylor) May 18, 2021

Keeping in mind the multiple purchases made since August 2020, the firm holds 92,079 bitcoins. MicroStrategy has paid $2.251 billion for its stash, with an average price of $24,450 per token.
Although this is far from being the largest single acquisition, as the company once bought more than $1 billion worth of BTC, this one actually comes in a compelling moment.
In fact, buying 10 million coins at an average price of $43,663 means that MicroStrategy has taken advantage of a popular narrative in the crypto community – buy the dip.
The price of the primary cryptocurrency has suffered severely in the past week or so after Elon Musk announced that Tesla has stopped receiving BTC payments for its electric vehicles.
In a matter of days, bitcoin fell from over $58,000 to a three-month low of $42,000.
Although losing $16,000 of value in less than a week could be considered a major blow, and some investors disposed of their coins even at a loss, MicroStrategy has reaffirmed its promise to continue buying bitcoin as part of its reserve treasury strategy.