MicroStrategy added 480 Bitcoins to its holdings despite the strong downtrend of the market.
MicroStrategy has reported that it is committed to increasing its Bitcoin holdings despite the recent market downturn. The company announced today that it has purchased another 480 Bitcoins.
In a filing published today, Michael Saylor’s company revealed it purchased an additional 480 Bitcoins at an average price of $20,817 between May 3 and June 28.
MicroStrategy spent about $10 million on this BTC.
The recent purchase brings MicroStrategy’s holdings to around 129,699 Bitcoins, with an average cost of $30,664.
MicroStrategy is the largest Bitcoin holder in the world, which has spent around $3.98 billion on its Bitcoin holdings.
Bitcoin has had a rough month, falling below the psychologically important $20,000 for the first time since December 2020. Since peaking at $69,000 in November 2021, the Bitcoin price has dropped over 70%. .
The Crypto Fear & Greed Index indicates that the continued decline of the market has created a state of “Extreme Fear” among market participants.
The crypto market cap currently stands at $935 billion, down about 67% from its $3 trillion peak.