MicroStrategy, the business intelligence company, has added to its Bitcoin (BTC) stash with a purchase of 29,646 BTC for a total of $650 million, an average of around $21,925 per Bitcoin.
It has been reported that Michael Saylor, the CEO of MicroStrategy, tweeted the news immediately following a pullback in price to $22,247, although it is unclear whether the acquisition coincided with this event.
However, MicroStrategy announced its intention to buy more Bitcoin earlier this month with a $400 million debt security sale to raise funds for the purchase. The bond sale ultimately brought in $650 million, which has now been used to buy Bitcoin as promised.
The report said that the company is now holding a total of 70,470 BTC, bought at an average price per Bitcoin of $15,964, as this makes it the fifth-largest individual HODLer of Bitcoin, one place ahead of the United States government, which reportedly owns 69,420 BTC.
Also, MicroStrategy started its Bitcoin journey in August with a purchase of 21,000 BTC for $250 million. At the time, the company stated that its intention was to adopt Bitcoin as its primary reserve currency as a hedge against U.S. dollar inflation.
This was followed by further purchases, including a $425 million acquisition in September, which was carried out through Coinbase’s over-the-counter desk.
Thus, Saylor encouraged fellow billionaire Elon Musk to follow his lead and use BTC to replace the US dollar as Tesla’s primary reserve currency.