MicroStrategy just bought 660 more bitcoins, boosting its stake to $3.78 billion
- MicroStrategy continued its buying spree by purchasing another 660 bitcoins for roughly $25 million.
- The firm now has 125,051 bitcoins as of January 31, acquired for around $3.78 billion.
- Despite bitcoin's price slump, CEO Michael Saylor has said his firm will continue to hold its crypto assets.
MicroStrategy is continuing its bitcoin buying spree.
CEO and bitcoin proponent Michael Saylor announced via Twitter on Tuesday that his enterprise software company purchased another 660 bitcoins for roughly $25 million in cash at an average price of $37,865 per coin, inclusive of fees and expenses.
The latest purchase boosts MicroStrategy's holdings to 125,051 bitcoins, acquired for around $3.78 billion at an aggregate purchase price of $30,200 per coin.
MicroStrategy purchased the additional bitcoins between December 30 and January 31, according to the company's filing with the Securities and Exchange Commission. It follows the acquisition of 1,914 bitcoins in December.
Bitcoin in January had its worst month to start the year since its 2018 crypto winter. The asset lost 18% for the month to trade around the $38,000, well below its nearly $69,000 all-time high in November 2021.
Still, bitcoin and the broader cryptocurrency market's wild ride at the start of 2022 did not deter Saylor, a noted bitcoin bull, from buying the crypto asset, even in the face of an extended bear market.
"Never. No. We're not sellers," he told Bloomberg in an interview on January 20. "We're only acquiring and holding bitcoin, right? That's our strategy."
MicroStrategy CFO Phong Le recently told Insider that the company is even considering other ways to invest in bitcoin, like bitcoin-backed bonds, though he declined to name which ones.
Thus far, the Tysons Corner, Virginia-based firm has taken on billions in debt to buy up thousands of bitcoins.
Recently, the SEC has asked the company to revise its crypto accounting practices, which means MicroStrategy can't strip out bitcoin's price swings from its unofficial non-GAAP accounting measures it presents to investors.