MicroStrategy scoops up 480 Bitcoin amid market slump

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Business intelligence firm MicroStrategy has added to its Bitcoin (BTC) holdings, reaffirming CEO Michael Saylor’s optimistic view of digital assets despite his recent struggles.

In an 8-K form with the US Securities and Exchange Commission (SEC), Microstrategy disclosed that it acquired an additional 480 BTC at an average price of around $20,817. The total purchase amount was $10 million in cash.

With the purchase, MicroStrategy now owns 129,699 BTC, making it the largest holder of Bitcoin. The total value of its holdings is approximately $3.98 billion.

Business intelligence firm captures Bitcoin during a period of extreme market volatility. On Wednesday, the price of bitcoin briefly fell below $20,000, which is more than $10,000 below the company’s average acquisition price. The company’s BTC cache is currently facing a net unrealized loss of approximately $1.4 billion, according to data provided by Bitcoin Treas Bonds.

Related: MicroStrategy May Explore ‘Future Return Generation Opportunities’ on 95643 BTC Holdings

Michael Saylor, the company’s CEO, remains bullish on Bitcoin’s long-term prospects. Earlier this month, he told his 2.5 million Twitter followers that the company plans to “HODL through adversity” and has no plans to offload its holdings. The bullish confirmation came amid rumors that the company risks a margin call if the bitcoin price drops below $21,000. According to Saylor, the rumor of a margin call is “nothing.”

MicroStrategy reported first-quarter revenue of $119.3 million. Gross profit for the quarter was $93.6 million.

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