Microstrategy can’t get enough of BTC (bitcoin) and continues with its aggressive buying despite the companies stocks decline. From its peak price on Feb. 9 at $1,272, it has tremendously dropped to more than half with its current price today at $645 in a data by Nasdaq.
On Thursday, Microstrategy made another purchase of 205 BTC at $10M. This brings the company’s total bitcoin holdings to 91,064 which is equivalent to $4.3M with BTC’s current price at $47,550. This was confirmed by Michael Saylor, CEO, and co-founder of Microstrategy in his recent tweet.
The company has been actively buying BTC (bitcoin) since its first acquisition in August 2020. It has been aggressively in a buying position after every bitcoin dip for the past few months.
Tesla is also in a seemingly difficult situation right now with its share price plunge to $597. This is a 67% drop from its recorded peak price on Jan. 11 at $880. Gary Black, former chief executive of Aegon Asset Management and a former Tesla investor, in his tweet suggested Tesla sell its bitcoins for share buybacks.
Black exited his Tesla position on Feb. 8 which coincided with Tesla’s bitcoin purchase.
But despite bitcoin’s crazy swings that resulted in its stock price decline, Microstrategy is not selling. In his previous tweets, Saylor admitted that he personally owns 17,732 BTC he bought at $9,882 on average.
But with the resurgence of bonds, a possibility of some investors exiting bitcoin can be seen. This will result in more volatility on the digital asset. It has been constantly shaking the whole crypto industry with its total market cap slightly down by almost 4% at $1.44 trillion in a data by Coinmarketcap.
With bitcoin price surges, other cryptocurrencies continue to flourish along with it. But with bitcoin down, the whole crypto market also bleeds.