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HomeBTCMicroStrategy continues to add more bitcoin amid ongoing bearish market

MicroStrategy continues to add more bitcoin amid ongoing bearish market

In the most recent filings with the United States Securities and Exchange Commission (SEC), the public business MicroStrategy Inc., which has the largest amount of Bitcoin, disclosed its cryptocurrency holdings. In spite of the recent drop in price, the software business has reportedly continued to increase the amount of bitcoin in its reserve.

Between August 2, 2022 and September 19, 2022, Microstrategy disclosed that it had acquired about 301 Bitcoins during the course of the period. All of the transactions were conducted using cash alone. The Bitcoins were acquired for a total cost of $6 million, with an average price of around $19,851 per token.

The document discloses that Microstrategy purchased Bitcoins using surplus funds that company had available. Despite this, MSTR and its subsidiaries together have close to 130,000 BTC at this time.

According to the report, the cumulative purchase cost of Bitcoin holdings is around $3.98 billion at the present time. On the other hand, the typical cost of purchasing one bitcoin is now $30,639 USD. This total, which has been made public, considers all of the fees and costs.

Earlier, MSTR file that the SEC had received showed that the company intends to sell $500 million in equities in order to purchase additional BTC. The price of bitcoin was eventually driven upward as a result of this piece of news, gaining some momentum in the near term.

Even though Bitcoin maximalist Michael Saylor stepped down as CEO of the software firm, the company remains committed to its acquisition strategy for bitcoin. Saylor maintains his position as head of the board of directors at this time. He is continuing to concentrate on the BTC plan he developed.

Microstrategy and its bullish approach on bitcoin

Microstrategy and its bullish approach on bitcoin
Microstrategy and its bullish approach on bitcoin

As the price of bitcoin continued to hit new lows, MSTR was said to have incurred a loss of more than one billion dollars during the second quarter of 2022, according to a report.

However, during the course of the last month, the price of Bitcoin has decreased by more than 10%. At the time of this publication, the price of one bitcoin was around $19,154. Over the course of the previous day, the values of the tokens had increased by 2%.

The trading volume for Bitcoin over a period of 24 hours has also seen a decline of around 11%. It is now at a value of $35.24 billion. Bitcoin’s share of the market has fallen below the 40% threshold. Its current market capitalization stands at $366.9 billion at all times.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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