They say dips are for buying, and that’s the approach being taken by one NASDAQ listed software firm. Its CEO, Michael Saylor, tweeted that MicroStrategy just spent $10 million to acquire 314 additional Bitcoin.
MicroStrategy has purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin. We now hold approximately 70,784 bitcoins.https://t.co/zMJSH29bmC
— Michael Saylor (@michael_saylor) January 22, 2021
The Form 8-K filing with the Securities and Exchange Commission (SEC) confirms this latest purchase. It also details a summary of the company’s aggregate Bitcoin position.
Based on this information, MicroStrategy is currently $1.2 billion in profit, or about +104% ROI.
“As of January 22, 2021, the Company holds approximately 70,784 bitcoins that were acquired at an aggregate purchase price of $1.135 billion and an average purchase price of approximately $16,035 per bitcoin, inclusive of fees and expense.
MicroStrategy has become something of a beacon for institutional Bitcoin adoption. Since September last year, the firm has been buying BTC as an inflationary hedge.