Expanding Portfolio
MicroStrategy, an enterprise software company, has announced plans to purchase more Bitcoin (BTC) as the cryptocurrency’s price dips. The company intends to use the proceeds from a $525 million convertible note offering to acquire additional BTC.
Dip in Price
Bitcoin is currently trading at $69,921, down 5% from its all-time high of $73,580 set earlier this month. MicroStrategy sees this dip as an opportunity to expand its BTC holdings.
Previous Purchases
Earlier this week, MicroStrategy purchased 12,000 BTC for $821.7 million, bringing its total BTC holdings to 205,000. The average cost per token is $33,706.
Long-Term Strategy
MicroStrategy’s co-founder, Michael Saylor, is a long-time proponent of Bitcoin. He believes that the cryptocurrency is a valuable asset and a hedge against inflation. The company’s continued purchases of BTC indicate its commitment to this strategy.
