Nasdaq-listed business intelligence firm MicroStrategy has taken advantage of the recent sell-off in cryptocurrency markets to add more bitcoin to its treasury, investing $10 million in the flagship cryptocurrency when it was trading at $43,600.
According to the firm’s CEO Michael Saylor, the company purchased an additional 229 BTC for $10 million at an average price of $43,663 per coin, and now has a total of 92,079 bitcoins in its treasury.
The company has in total invested $2.251 billion in the flagship cryptocurrency, managing to buy at an average price of $24,450. MicroStrategy’s over 92,000 BTC are now worth over $3.9 billion, it’s worth noting.
The price of bitcoin and other cryptoassets crashed earlier this week after Tesla CEO Elon Musk clashed with the cryptocurrency community and at one point implied the electric car maker would sell the estimated 43,000 BTC it currently has in its treasury.
The clashes started after the CEO published an announcement revealing Tesla would stop accepting bitcoin payments for its vehicles over environmental concerns, and was eyeing instead cryptocurrencies with a smaller carbon footprint. Some prominent members of the community criticized Musk’s change of stance, arguing he was spreading fear, uncertainty, and doubt (FUD) regarding BTC’s energy consumption.
Musk ended up pointing out to the community he knew how money worked because he co-founded PayPal, and explained in a tweet he believes bitcoin is “actually highly centralized, with a supermajority controlled by a handful of big mining companies.”
As the price of BTC kept dropping, Musk clarified Tesla has not sold any bitcoin.
CryptoCompare data that bitcoin’s price dropped from around $57,000 to hit a $42,000 low over the last seven days over Musk’s announcement. To Saylor, buying the dip was seemingly a “logical” move, according to his replies to Binance CEO Changpeng Zhao on social media.
It’s worth noting that earlier this year, Saylor argued that bitcoin’s market value would surpass $100 trillion. And that the cryptocurrency will become a “stabilizing influence” for the global financial system.
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