Business intelligence firm MicroStrategy expanded its Bitcoin (BTC) inventory with a purchase of 29,646 BTC for a total of $ 650 million, an average of $ 21,925 per bitcoin
CEO Michael Saylor tweeted the news immediately after the price fell to $ 22,247, although it’s unclear whether the acquisition coincided with that event.
MicroStrategy announced its intention to buy more Bitcoin earlier this month with a sale of $ 400 million worth of debt to raise funds for the purchase. The bond sale ultimately raised $ 650 million, which has now been used to purchase Bitcoin as promised.
The company now holds a total of 70,470 BTC, which was purchased at an average price per bitcoin of $ 15,964. That makes it the fifth largest retailer of Bitcoin, one place ahead of the US government, which reportedly owns 69,420 BTC.
MicroStrategy kicked off its Bitcoin journey in August with a purchase of 21,000 BTC for $ 250 million. At that point, the company announced that it intended to introduce Bitcoin as the primary reserve currency to hedge against US dollar inflation.
Other purchases followed, including a $ 425 million acquisition in September, made through Coinbase’s over-the-counter (OTC) counter.
Most recently, Saylor encouraged billionaire Elon Musk to follow suit and use BTC to replace the US dollar as Tesla’s primary reserve currency. Doing so would encourage other S&P 500 companies to follow suit, argued Saylor, and heightened the benefits of the move.