Publish date:

MicroStrategy Buys the Dip in Bitcoin, Bulks Up Holdings

MicroStrategy, the largest corporate holder of Bitcoin, now holds more than 105,000 bitcoins.
Author:

MicroStrategy (MSTR) - Get Report bought the dip in Bitcoin, saying it purchased 13,005 units of the cryptocurrency for about $489 million, an average price of about $37,617.

The company used the recent price drop to increase its holdings. As of June 21 it holds about 105,085 bitcoins, which it bought for $2.74 billion, or an average $26,080 each. 

Bitcoin prices sunk to a two-week low Monday following reports that China has intensified its crackdown on cryptocurrency mining. 

Bitcoin prices were down nearly 6% over the past 24 hours, according to tracker Coindesk, posting an average price of $32,034 each.

At last check MicroStrategy shares were 7.5% lower at $597.98.

TST Recommends

MicroStrategy has become the largest publicly traded corporate holder of Bitcoin. 

MicroStrategy and Chief Executive Michael Saylor have been big proponents of Bitcoin, making acquisition of the cryptocurrency a second mandate for the 32-year-old company beyond its main business of developing software.

Tesla  (TSLA) - Get Report holds the second-largest quantity of Bitcoin of any public company with 43,200, followed by Square  (SQ) - Get Report with 8,027.

The Public Companies With the Most Bitcoin Holdings

On the other hand, holdings among the public companies are dwarfed by private ones, like the New York digital-currency asset manager Grayscale and the Arlington, Va., blockchain-solutions provider Block.one.

Grayscale Bitcoin Trust owns 654,885 Bitcoin to back up the shares of its trust. Block.one owns some 140,000 Bitcoin.