Michael Saylor Buys $10M Worth of Bitcoin for MicroStrategy
MicroStrategy Buys Another 480 BTC
In an SEC filing on Wednesday, business intelligence firm MicroStrategy announced that it has added 480 BTC between May 3rd and June 28th for around $10 million in cash. The average price of the purchased Bitcoin (BTC) is approximately $20,817, including fees and expenses.
Following this recent purchase, MicroStrategy now holds 129, 699 bitcoins acquired for 3.98 billion at an average price of $30,664 per bitcoin.
Margin Call Doesn't Worry Michael Saylor
Just last week, the company's CEO Michael Saylor revealed that the firm will double down on its Bitcoin strategy despite the plunge in the flagship cryptocurrency putting a huge dent in Saylor's holdings.
The company's CTO Phong Lee further told shareholders last month that if the price of Bitcoin dropped below $21,000, the company would face a margin call on a $205 million loan that it took out in March to buy more BTC.
A margin call in MicroStrategy's case would have potentially meant forced selling of its Bitcoin holdings to prevent further losses to shareholders. However, Saylor doesn't seem to be worried about it.
The price of Bitcoin currently stands just under $20,000, 70% lower than its November all-time high of nearly $69,000, according to data from CoinMarketCap.