Business Intelligence company, MicroStrategy, has bought another $10 million in bitcoin as their stock prices continue to fall.
MicroStrategy CEO Michael Saylor tweeted the purchase of the 205 bitcoins at an average price of $48,888 per coin. This brings the company’s BTC holdings up to 91.064 BTC. The average price for each being $24,063.
This purchase was made just four days after the company’s last buy, although for $5 million less.
Saylor is known to buy the bitcoin dips in the past. The current market slump experienced falls in line with past purchase patterns. Saylor’s interest in a mass buying strategy has evidence in the recurring big buys and unwavering stance.
Despite bitcoin’s high price tag, this is still another “smaller” buy in relation to the company’s history. On Feb.24, the company made a whopping $1.026 billion investment.
Corporate in Cryptocurrency Continues
MicroStrategy isn’t the only company getting in on cryptocurrencies as an investment. Corporate interest in both Bitcoin and Altcoins continues to grow, with more companies buying big.
Alongside MicroStrategy, companies like Tesla have taken over headlines with their big bitcoin purchases. Positive moves from institutions like Mastercard and Goldman Sachs have further bolstered mainstream interest in cryptocurrencies.
“This purchase of Monero strengthens the Company’s investment thesis in becoming the world’s leading privacy-focused investment vehicle,” said the company in the announcement.
The company is also placing some of its Bitcoin holdings into BlockFi, a crypto asset service provider. Cypherpunk said the move was to increase the cash flow and generate more income on its holdings.
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