Despite the volatile market conditions, Michael Saylor’s business intelligence giant has doubled down on its BTC-related strategy. The firm bought another chunk of 271 bitcoins, and its total stash is now nearly 92,000 coins.
The NASDAQ-listed company announced the latest purchase of 271 bitcoins on May 13th. The firm said it had bought the amount for $15 million.
Despite being brought to the world today, the purchase was most likely made yesterday, as MicroStrategy said the average price was $55,387 per BTC. This is the asset’s price from yesterday, as it tumbled in value today to a 2-month low beneath $47,000 following news that Tesla has disallowed BTC payments for its vehicles.
With this considerable addition, MicroStrategy’s entire bitcoin stash has grown to 91,850 coins. The company began allocating funds in the primary cryptocurrency in August last year.
The average entry price for the numerous purchases made since then is $24,403 per bitcoin.
Ultimately, MicroStrategy has paid $2.241 billion for the coins it holds. However, with the asset’s impressive appreciation in value since then, their holdings are worth around $4.6 billion at today’s prices.
Apart from owning 0.437% of all bitcoins ever to exist, the software giant and its CEO have launched multiple other pro-BTC initiatives in recent months.
MicroStrategy held a designated panel earlier this year aiming to educate C-level executives from large companies on the merits of investing in bitcoin. Shortly after, Saylor released a comprehensive course for retail investors as well.
Additionally, the company made a significant change in its internal procedures as it started to pay its non-employee board members in BTC rather than cash.