MicroStrategy Doubles Down on Bitcoin, Scoops Up $6,000,000 in BTC Amid the Sputtering Crypto Market

MicroStrategy continues to buy Bitcoin (BTC) despite the recent volatility in price, scooping up another 301 of the leading crypto asset.

The software company says it purchased the tokens for about $6 million in cash at an average cost of $19,851 per Bitcoin, according to a recent filing with the U.S. Securities and Exchange Commission (SEC) for the period of Aug. 2 to Sept. 19.

The company now holds about 130,000 Bitcoin, which includes those held by its subsidiaries, that were purchased for a total of $3.98 billion, or an average cost of about $30,639 per Bitcoin, according to the filing.

MicroStrategy became a heavy investor in Bitcoin under outspoken crypto advocate Michael Saylor, who founded the company and was its CEO until he stepped down in August. Saylor became the company’s executive chairman to focus on innovation and long-term corporate strategy, which includes acquiring Bitcoin.

The company’s latest purchase was praised by Changpeng Zhao, commonly known as “CZ,” the CEO of the major cryptocurrency exchange Binance.

“The skeptics today will say: ‘oh, you are so lucky to get into Bitcoin so early’ a few years from now. Save this tweet. Not financial advice.”

MicroStrategy’s last big purchase of Bitcoin was in February when the company bought an additional 600 BTC for approximately $25 million at an average price of about $37,865 per Bitcoin.

At time of writing, Bitcoin is trading for $19,415.

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