MicroStrategy took advantage of the crypto sell-off to add 1,434 bitcoin to its stash in the last week

Phil Rosen
Updated 1 min read
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In this article:
Michael Saylor, CEO of MicroStrategy
Michael Saylor, CEO of MicroStrategyJoe Raedle/Getty Images

  • MicroStrategy acquired 1,434 bitcoins between November 29 and December 8. at an average price of about $57,477.

  • The company now holds a total of 122,478 bitcoins, with an average purchase price of about $29,861.

  • CEO Michael Saylor continues to build his reputation as a bitcoin bull.

MicroStrategy bought the bitcoin dip.

The business intelligence company said it purchased 1,434 bitcoins for about $82.4 million between November 29 and December 8. The average price was approximately $57,477, for a total of about $82.4 million. Part of that purchase came during a brutal sell-off on December 4, when the price of bitcoin plunged more than 20%. Prices have risen since, but are still far off of their most recent highs of about $69,000.

The company said it now holds a total of 122,478 bitcoins purchased at an average price of about $29,861 per bitcoin. At a current price of about $49,000, MicroStrategy's investment is worth about $6 billion.

CEO Michael Saylor, who famously lost $6 billion in a single day during the dot-com bubble, has emerged as a crypto icon and leader in the digital asset space.

"We will continue to evaluate opportunities to raise additional capital to execute on our bitcoin strategy," said Saylor.

Read the original article on Business Insider

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