MicroStrategy buys more bitcoin for $25 million

MicroStrategy has continued its bitcoin-buying spree. Read the full article by Yogita Khatri. “Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.”

MicroStrategy has been buying the dips before it was cool and bought on this correction as well. The company announced that it had just purchased another 660 BTC for $25 million. MicroStrategy over the last few years has accumulated over 122,000 BTC making it one of the largest wallets holding the cryptocurrency.

Including this purchase, they have a total of 125,051 tokens with a total worth of close to $5 billion. Not only have they been buying a lot they are effectively cost averaging along the way. They have a current average purchase price of $30,200. Michael Saylor has stood firm on his stance of accumulating “concentrated energy”.

CFO Phong Le has also been adamant about continuing to buy even during these tough market conditions. They always say the best time to buy is when the markets are down. This does come with some dangers of course when having so much invested in one area. If anything were to happen to Bitcoin what would happen to MicroStrategy?

This argument can be made for a bunch of companies that have a lot of their operations tied to BTC whether it is directly through mining or just holding it on their balance sheets. Maybe it is a risk but that risk could end up paying off significantly if it does work out. Companies like Microstrategy and countries like El Salvador are betting on what they think will have a big place in the future of finance and the world.