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MicroStrategy Increases Bitcoin Purchases Despite Price Drop

MicroStrategy Increa

Is Bitcoin Rally coming?

In its most recent filing with the US Securities and Exchange Commission (SEC), MicroStrategy Incorporated, a publicly traded business that holds the largest amount of Bitcoin, disclosed its cryptocurrency position. Even when the price of bitcoin dropped, the software firm reportedly increased its BTC holdings.

Increase in MicroStrategy's Bitcoin Holdings

Between August 2, 2022 and September 19, 2022, Microstrategy amassed roughly 301 Bitcoins, as the company disclosed. All of the money was in hand when making the purchases. The BTCs were purchased for a total of $6,000,000, or an average of $19,851 per coin.

Microstrategy used its spare cash to make Bitcoin purchases, as evidenced by the filing. On the other hand, MSTR's holding company presently has about 130,000 BTCs.

The total buying cost of all Bitcoins held is around $3.98 billion, as stated in the filing. The average amount paid, however, is currently $30,639. All fees and costs are included in the total sum that has been made public.

CoinGabbar previously reported that MSTR has filed with the SEC to disclose its intention to sell $500 million in stocks in order to purchase further BTC. The price of bitcoin was pushed upward by this news, giving it temporary impetus.

Could this lead to a price increase for bitcoin?

Since Bitcoin maximalist Michael Saylor resigned as CEO, the software firm has maintained its objective of actively acquiring bitcoin. Meantime, Saylor continues to preside over the board of directors. His attention remains fixed on his Bitcoin plan of action.

Reports indicate that in the second quarter of 2022, as the price of bitcoin hit a new low, MSTR announced a loss of more than $1 billion.

However, during the previous 30 days, Bitcoin prices have decreased by almost 10%. At the time of writing, the median price of bitcoin was $19,154. Over the previous 24 hours, the price of tokens has increased by 2%.

The amount of Bitcoin trades over the course of a day has also dropped by about 11 percent. It has grown to $35.24 billion at this time. There was a drop in Bitcoin's share to below 40%. Market cap is still $366.9B.

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