MicroStrategy makes 2022’s second Bitcoin purchase, its smallest in two years

Microstrategy bitcoin

MicroStrategy, the largest corporate Bitcoin buyer, has made its second BTC purchase of the year. This time around, though, despite buying into the dip, it is the smallest BTC purchase made by the company in two years. MicroStrategy has added only 301 BTC, worth around $6 million, to its balance sheet this time.

As per the regulatory filing and update shared by Michael Saylor on Twitter, the purchases were made between 2 August and 19 September 2022, at an average price of $19,851 per coin.

The first purchase this year was made in June 2022. The company added 480 BTC, worth approximately $10 million at the time.

With the latest addition, MicroStrategy’s total BTC tally touches 1,30,000. The company has spent $3.98 billion on BTC so far. The average acquisition price per BTC over the years is $30,639.

The size of the latest addition has to do with the fact that Michael Saylor, one of the biggest advocates of Bitcoin, stepped down as CEO of the company earlier this year. However, the fact that the investment was made indicates that the company wants to continue with its Bitcoin investments under new leadership.

This is especially significant because BTC prices are down by over 60% in 2022. The drop in its value has impacted the company’s balance sheet, resulting in its shares underperforming by a big margin. MicroStrategy’s shares are down by close to 65% so far this year. To date, the company has incurred a combined loss of over $1.2 billion on its BTC bet.

Earlier this month, the company had revealed plans to raise up to $500 million to purchase BTC by selling their stock options.

Article Default Disclaimer

Share this:

IN THIS ARTICLE

Subscribe to our newsletter

Weekly crypto updates and insights delivered to your inbox.

Browse our Newsletter Archive for past editions.

SnowSnow

Thank you for subscribing!
Please verify your email to start receiving the latest issues from Switch in your Inbox.
Powered by

Build your crypto portfolio on the
CoinSwitch app today

Scan the QR code below or find us on Google Play
Store or Apple App Store.

Build your crypto portfolio on the
CoinSwitch app today

Scan the QR code below or find us on Google Play Store or Apple App Store.