MicroStrategy buys the dip – Now it has more BTC than the US govt

Business intelligence company MicroStrategy has added to its Bitcoin stash (BTC), with the purchase of 29,646 BTC for a total of $ 650 million, about $ 21,925 per Bitcoin on average

CEO Michael Saylor tweets the news immediately after the price pulled back to $ 22,247, though it’s unclear whether the acquisition coincided with this event.

MicroStrategy announced its intention to buy more Bitcoin earlier this month with a $ 400 million debt security sale to raise funds for the purchase. The bond sale eventually brought in $ 650 million, which has now been used to buy Bitcoin as promised.

The company now holds a total of 70,470 BTC, purchased at an average price per Bitcoin of $ 15,964. This makes it the fifth largest single hodler of Bitcoin, one place ahead of the U.S. government, he reported owned 69,420 BTC.

MicroStrategy began its Bitcoin journey in August with the purchase of 21,000 BTC for $ 250 million. At the time, the company indicated that its intention was to adopt Bitcoin as its primary reserve as a hedge against US dollar inflation.

This was followed by further purchases, including a $ 425 million purchase in September, conducted through the Coinbase over-the-counter desk.

Most recently, Saylor urged his fellow billionaire Elon Musk to follow his lead and use BTC to replace the US dollar as Tesla’s main reserve. This would encourage other S&P 500 companies to follow suit, Saylor said, complicating the benefits of the move.