MicroStrategy scoops up 480 Bitcoin amid market slump

Enterprise intelligence agency MicroStrategy has added to its Bitcoin (BTC) holdings, reaffirming CEO Michael Saylor’s bullish outlook on the digital asset regardless of its latest struggles. 

In a Kind 8-Okay submitting with the US Securities and Change Fee (SEC), Microstrategy disclosed that it had acquired a further 480 BTC at a median worth of roughly $20,817. The full buy quantity was $10 million in money.

With the acquisition, MicroStrategy now holds 129,699 BTC, making it the most important company holder of Bitcoin. The full worth of its holdings is roughly $3.98 billion.

The enterprise intelligence agency is scooping up Bitcoin throughout a interval of utmost market volatility. On Wednesday, Bitcoin’s price briefly dipped below $20,000, which is greater than $10,000 decrease than the corporate’s common acquisition worth. The corporate’s BTC stash is presently sitting at a web unrealized lack of practically $1.4 billion, according to knowledge offered by Bitcoin Treasuries.

Associated: MicroStrategy may explore ‘future yield generation opportunities’ on 95,643 BTC holdings

Michael Saylor, the agency’s CEO, stays bullish on Bitcoin’s long-term prospects. Earlier this month, he instructed his 2.5 million Twitter followers that the agency plans to “HODL through adversity” and has no plans to dump its holdings. The bullish reaffirmation got here amid rumors that the corporate risked a margin name if Bitcoin’s worth fell under $21,000. In response to Saylor, the margin name rumor is a “nothing problem.”

MicroStrategy reported first-quarter revenues of $119.3 million. Gross revenue for the quarter was $93.6 million.