TLDR
- MicroStrategy bought 430 Bitcoin for $51.4 million at an average price of $119,666 per coin during a volatile week
- Bitcoin reached new all-time highs above $124,000 on Wednesday before dropping to $115,000 by Sunday
- The purchase brings MicroStrategy’s total Bitcoin holdings to 629,376 BTC worth about $46.15 billion
- Michael Saylor called volatility “a gift to the faithful” as prices swung dramatically
- This was a smaller purchase compared to previous months when MicroStrategy bought thousands of Bitcoin
MicroStrategy purchased 430 Bitcoin for $51.4 million last week as the cryptocurrency experienced massive price swings. The company paid an average of $119,666 per Bitcoin according to an SEC filing released Monday.
Bitcoin reached new all-time highs above $124,000 on Wednesday before retreating to $115,000 by Sunday. The purchase occurred during this volatile period that saw the cryptocurrency fluctuate by nearly $10,000.
The acquisition increases MicroStrategy’s total Bitcoin holdings to 629,376 BTC. The company has spent approximately $46.15 billion on its Bitcoin purchases at an average price of $73,320 per coin.
MicroStrategy co-founder Michael Saylor commented on the price volatility through social media posts. He wrote “Volatility is a gift to the faithful” on Thursday as Bitcoin prices declined below $118,000.
Saylor also reported that MicroStrategy’s Bitcoin holdings reached an all-time high value of $77.2 billion when prices peaked. The company continues to follow its strategy of accumulating Bitcoin despite price fluctuations.
Recent Purchase Pattern Changes
The 430 Bitcoin purchase represents a smaller acquisition compared to previous months. Last week, MicroStrategy also bought just 155 Bitcoin in what the company called a “small” purchase.
This marks a decrease from the company’s buying pattern earlier this year. Between July 14 and August 3, MicroStrategy purchased 31,466 Bitcoin in three separate transactions.
In June, the company bought a total of 17,075 Bitcoin. The recent purchases show a trend toward smaller acquisitions compared to the multi-thousand Bitcoin purchases from previous months.
Japanese investment company Metaplanet made a larger purchase during the same period. Metaplanet bought 775 Bitcoin for approximately $93 million at an average price of $120,006 per Bitcoin.
Corporate Bitcoin Adoption Continues
MicroStrategy remains the world’s largest public Bitcoin holder. The company continues to promote the corporate Bitcoin treasury strategy that other companies are adopting.
Saylor regularly shares updates about other companies adding Bitcoin to their balance sheets. He reposted information from Bitcoin treasury followers and other corporate Bitcoin adopters.
According to data shared by Bitcoin treasury tracker NLNico, global corporate Bitcoin holders collectively purchased 3,900 Bitcoin during August 11-17. These companies made a total of 62 purchase announcements during this period.
Dutch firm Amdax recently announced plans for a Bitcoin treasury listing on Euronext Amsterdam. This continues the trend of companies incorporating Bitcoin into their corporate strategies.
MicroStrategy’s latest purchase occurred as Bitcoin traded around $120,000 on Monday before dropping to current levels near $115,595.
