MicroStrategy Attempts To Buy The Bitcoin Dip With $10.0 Million Purchase
It appears that MicroStrategy Inc (NASDAQ: MSTR) is a bit hesitant to buy the dip in bitcoin, despite the grandstanding often done by the company’s founder. The firm this morning provided an update to its bitcoin holdings, indicating it has conducted small purchases over the last two months.
A total of $10.0 million in cash was spent between May 3 and June 28, 2022, by the company in acquiring additional bitcoin. The figure is in stark contracts to the $190.5 million spent in the prior period for which the company reported purchases, and is believed to mark the smallest reported purchase yet this year.
A total of 480 bitcoin was purchased over the two month timespan, at an average price of $20,817. The firms last purchases, comparatively, were conducted at an average price of $45,714 each.
With the latest purchase, MicroStrategy now holds a total of 129,699 bitcoin, at an average price of $30,664 per bitcoin. The company collectively has spent approximately $3.98 billion acquiring the bitcoin as per the latest filings. At $20,000 bitcoin however, that bitcoin is only worth an estimated $2.59 billion.
MicroStrategy last traded at $181.79, declining 2.33% in pre-market trading on the news.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.