On Tuesday, the publicly-listed business intelligence company, Microstrategy, announced the purchase of 229 bitcoins adding to the firmâ€™s current stash of crypto. The companyâ€™s CEO Michael Saylor told his Twitter followers that Microstrategy now holds 92,079 bitcoins.
Microstrategy Stocks Up on More Bitcoin, Buys $10 Million Worth to the Balance Sheet
Microstrategy (Nasdaq: MSTR) has stepped in and bought the dip once again. On Tuesday morning (ET), the firmâ€™s chief executive officer Michael Saylor shared the announcement on Twitter as he usually does. Alongside the CEOâ€™s statements, he also shared the Form 8-K filing that was registered with the U.S. Securities and Exchange Commission. On Twitter, Michael Saylor wrote:
The announcement comes after the company purchased $15 million worth of BTC on May 13, 2021. Following the purchase of $10 million worth of BTC on Tuesday, the CEO of the exchange Binance tweeted a response to Saylorâ€™s announcement. â€œLegend,â€ Changpeng Zhao otherwise known as â€œCZâ€ tweeted.
Microstrategy Shares Drop More Than 60% Since First Week of February
Microstrategy has accumulated a lot of BTC since it started adding the crypto asset to its balance sheet in mid-August 2020. At that time, the business intelligence company said that BTC was â€œsuperior to cashâ€ and a â€œdependable store of value.â€ Ever since then Microstrategy has been on a bitcoin buying spree and the companyâ€™s CEO Michael Saylor has been put on a pedestal by many crypto advocates.
The Nasdaq-listed stock MSTR, however, has seen better days. MSTR shares tapped a high on February 9, 2021, but have dropped 62.3% since then. The companyâ€™s shares have been seemingly correlated in line with BTCâ€™s price changes. As Bitcoin.com News reported earlier, stocks exposed to digital assets like COIN, RIOT, and CAN have all seen losses since the recent crypto market rout.
While crypto markets have recovered some losses, MSTR shares have seen a small increase in value after the opening bell on Tuesday morning.
What do you think about Microstrategyâ€™s recent bitcoin purchase worth $10 million? Let us know what you think about this subject in the comments section below.