MicroStrategy keeps buying Bitcoin despite market slump

Despite the market's severe decline, MicroStrategy has added 480 Bitcoin to its holdings.

The business intelligence organization revealed Wednesday that it had purchased another 480 Bitcoin, despite the fact that the top cryptocurrency is still 71% below its all-time high price.

Michael Saylor's data analytics firm reported in a regulatory filing published Wednesday that it had purchased an additional 480 Bitcoin at an average price of $20,817 between May 3 and June 28. The coins cost MicroStrategy about $10 million.

As a result, MicroStrategy now holds approximately 129,699 Bitcoin in its possession, with an average cost base of $30,664.

MicroStrategy is the world's largest corporate Bitcoin holder, and Saylor has become well-known for his zealous support for the commodity. The corporation has spent approximately $3.98 billion on Bitcoin holdings at an average price of $30,664.

The MicroStrategy statement comes at a critical juncture, as the top cryptocurrency has retraced roughly 10% since June 26.

Bitcoin has had a rough month, falling below the critical psychological milestone of $20,000 for the first time since December 2020. Bitcoin's price has dropped by more than 70% since peaking at $69,000 in November 2021.