MicroStrategy has bought even more Bitcoin (BTC) despite the current price struggles for the largest crypto by market capitalization.
According to an announcement on Monday, the business intelligence firm purchase 13,005 BTC at an average price of $37,617 for a combined total of about $489 million.
Monday’s report takes MicroStrategy’s Bitcoin balance sheet north of the 100,000 mark with the firm now holding 105,085 BTC.
At the current BTC spot price, MicroStrategy’s Bitcoin holdings are worth $2.74 billion which amounts to an average of a little over $26,000 per Bitcoin.
As part of the announcement, the company revealed that its MacroStrategy LLC subsidiary holds 92,079 BTC of the total Bitcoin balance.
Earlier in June, the firm had announced a $400 million debt raise to expand its Bitcoin treasury holdings. As previously reported by Cointelegraph, the junk bond offering was oversubscribed four-fold causing the company to increase the debt offering to $500 million.
Without even accounting for its latest purchase, MicroStrategy holds the most Bitcoin on its balance sheet among all publicly-listed companies with BTC treasuries.
MicroStrategy holds more than twice the Bitcoin held by Elon Musk’s Tesla.
Monday’s announcement comes amid a red day for Bitcoin and the crypto market in general. BTC price briefly tumbled to the $32,000 price mark with Ether (ETH) slipping below $2,000 for the first time since late May.
As of the time of writing, the crypto market capitalization is down more than 5% in the last 24-hour trading period and is currently at $1.37 trillion.
Monday’s price downturn coincided with news coming out of China reaffirming a previous ban on public and private financial institutions from servicing crypto-related businesses.
The news follows even more concerted crypto crackdowns from Beijing that has also impacted Bitcoin miners.
Sourced from cointelegraph.com.
Written by Osato Avan-Nomayo on 2021-06-21 12:08:16.