MicroStrategy Buys More Bitcoin Amid Price Dip

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.