[Blockchain Today Reporter Seung-won Jeong] It is reported that MicroStrategy, a business intelligence company, has announced the firm’s firm belief in digital assets by purchasing additional $10 million worth of Bitcoin (BTC) despite the recent price crash. Cointelegraph reported.
According to Form 8-K, filed with the Securities and Exchange Commission (SEC), on the 18th (local time), MicroStrategy was confirmed to have purchased 229 BTC in cash at an average price of $43,663. The purchase came five days after MicroStrategy bought 271 BTC for an average price of $55,387.
CEO Michael Saylor, who has actively expressed support for Bitcoin, also announced the purchase on Twitter.
MicroStrategy has been accumulating BTC steadily since last summer, and debt has also increased to finance additional purchases. The company currently holds 92,079 BTC, which is worth about $2,251 million in current value.
From the standpoint of the giant, there is no publicly traded company with MicroStrategy’s steps toward BTC. According to recent industry statistics, the company owns 4.38% of the total circulating supply of Bitcoin.
Bitcoin’s price has fluctuated by almost 23% over the past seven days, dropping its value to about $43,000. Bitcoin, a major digital currency, has been under pressure from negative headlines and technical indicators, suggesting that it was able to hit a local high of $64,000 last month.
Despite recent fluctuations, institutions have increased their BTC purchases over the past 30 days. If you look at the Bitcoin Treasuries data, you can see that the institutions have accumulated 215,000 BTC over the period. This shows that confidence in so-called’smart money’ is growing. As reported by Cointelegraph recently, looking at the recent flow of BTC in Coinbase suggests that investors are willing to hold digital assets for a long time.
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