The Micheal Saylor-led MicroStrategy Inc has increased its Bitcoin (BTC) holding by an additional 480 coins amid the ongoing bearish run. The business intelligence firm now has a total of 129,699 BTC units in its possession.
According to filings with the U.S Securities and Exchange Commission, the firm made the acquisition between May 3 and June 28.
The cloud-based service and mobile software firm purchased these Bitcoins at an average price of $20,817 per BTC. The firm spent about $10 million in cash for the acquisition.
Riding on this acquisition, MicroStrategy remains the largest corporate holder of BTC. The total value of its holding is close to $4 billion.
Earlier in the month, there were claims the firm might face a margin call should the price of Bitcoin fall below $21,000. Saylor dismissed the claims saying it’s a “nothing issue”, this made him even more famous on Twitter.
Furthermore, he assured its community there was no risk of a margin call if it maintains a healthy loan-to-value ratio. It currently has $205 million in uncollateralized loans according to the CEO.
Microstrategy’s CEO keeps faith with BTC, remains bullish
Though Bitcoin might be on a downward thread, Micheal Saylor believes in the cryptocurrency and remains bullish. The CEO has continued to make several tweets in support of Bitcoin. Saylor has kept faith with the coin saying it’s “HODLing through adversity” and there’s no plan to offload.
Comparing other assets that are invested for the long-term, Saylor believes Bitcoin is a better alternative as it outperformed others. He went on to say “Bitcoin is the only investment-grade cryptocurrency.”
Not minding the steady decline, MicroStrategy made a couple of buys in the first quarter of the year acquiring 660 in February and 4167 in April. The firm’s Bitcoin possession currently sits at a net unrealized loss of about $1.4 billion.
Evidently, it’s clear from the consistent acquisitions by MicroStrategy and its CEO have no regrets investing in the coin. From his latest bullish moves, Saylor proves he is not backing down on crypto investment any time soon.