MicroStrategy, the world’s largest corporate bitcoin holder, has added 592 BTC to its treasury despite the asset’s declining price. The firm spent just under $40 million on the purchase, funded by selling company shares. Its total holdings now stand at 717,722 BTC, which were acquired for approximately $54.56 billion at an average price above $76,000. With bitcoin’s value currently lower, the company faces an unrealized loss of around $7 billion.
The ongoing cryptocurrency market correction has not deterred MicroStrategy from adding to its bitcoin treasury. The company acquired 592 BTC for approximately $39.8 million at an average price of $67,286 per unit.
This brings MicroStrategy‘s total holdings to 717,722 BTC, purchased for roughly $54.56 billion. The average acquisition price for its entire portfolio remains $76,020 per bitcoin.
An update informed that the firm sold 297,940 Class A shares to raise funds for the purchase. MicroStrategy CEO Michael Saylor stated, “Strategy has acquired 592 BTC for ~$39.8 million at ~$67,286 per bitcoin.”
Given bitcoin’s recent price decline, the publicly traded firm now sits on an unrealized loss of approximately $7 billion. This represents a significant shift from just over a month ago, when its portfolio showed an unrealized profit exceeding $10 billion.
The company’s behavior was very different during the previous month, when it spent over a billion dollars to accumulate bitcoin. The landscape has changed substantially since then, with BTC currently trading significantly below its all-time high.
