The business intelligence company MicroStrategy increased its Bitcoin (BTC) reserves with a purchase of 29,646 BTC for a total of $ 650 million, an average of $ 21,925 per bitcoin.
CEO Michael Saylor tweeted the news immediately after the price fell to $ 22,247, although it is unclear whether the acquisition coincided with that event.
MicroStrategy announced its intention to buy more Bitcoin earlier this month with a $ 400 million debt sale to raise funds for the purchase. The bond sale eventually raised $ 650 million, which has now been used to purchase Bitcoin as promised.
The company now has a total of 70,470 BTC, which was purchased at an average price per bitcoin of $ 15,964. This makes him the fifth largest single Bitcoin hodler, one place ahead of the US government allegedly owns 69,420 BTC.
MicroStrategy kicked off its Bitcoin journey in August with a purchase of 21,000 BTC for $ 250 million. At that point, the company said it intended to introduce Bitcoin as its main reserve currency to hedge against US dollar inflation.
Other purchases followed, including a $ 425 million acquisition in September that was made through Coinbase’s OTC service.
Recently, Saylor encouraged his billionaire Elon Musk to follow suit and use BTC to replace the US dollar as Tesla’s main reserve currency.. This would encourage other SP 500 companies to follow suit, argued Saylor, emphasizing the benefits of such a move.