Since the market meltdown started, MicroStrategy has been in silent mode. However, that has changed today after Michael Saylor, the MicroStrategy CEO, announced on Twitter that the company had acquired more Bitcoins (BTC) amid the current price drop.
According to the announcement, Michael Saylor said that the software intelligent firm has spent $10 million to buy 480 Bitcoins (BTC) at an average price of $20,817 per BTC.
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Currently, the company has accumulated 129,699 BTC worth about $4 billion. However, following the current crypto market price drop, Microstrategy is currently calculating losses on its previous BTC acquisitions. The company had acquired the previous BTC at an average price of $30,664 per BTC.
Currently the company’s Bitcoin investment is valued at $2.6 billion, after a loss of more than $1.4 billion
Michael Saylor dispels margin call alert
Michael Saylor has dismissed claims that his company was on the verge of facing a margin call on its Silvergate loan of $205.
MicroStrategy had used the loan to buy more BTC some few months back before the rumors started making rounds due to the crypto market downturn.
The ongoing market meltdown has not deterred the CEO and his company from buying the dip. He remains optimistic about BTC, which he claims will always remain to be the best investment ever.
Besides that, the company has gone ahead to assure the community that there is nothing to worry about a margin call. MicroStrategy assured the community that there are more Bitcoins in the reserve as long as the loan-to-value does not drop below the 50% level.
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Source: https://invezz.com/news/2022/06/29/michael-saylors-microstrategy-buys-more-btc/