Business analytics and mobility platform, MicroStrategy despite the volatile market conditions has doubled down on its BTC-related strategy. The firm continues with its bitcoin accumulation by purchasing another chunk of 271 bitcoins worth $15 million at an average price of $55,387 per bitcoin, even as the crypto market raced lower.
Bitcoin plunged to as low as $46,294.72 before recovering to about $50,000, where it now trades after Tesla CEO Elon Musk on Wednesday suspended the electric car-maker’s bitcoin payments policy because of environmental concerns, suggesting Saylor’s latest purchase preceded Wednesday’s news about Tesla.
The publicly traded business intelligence company has now spent $2.24 billion on bitcoin, bringing its accumulation to a total of nearly 92,000 coins worth $4.6 billion at the time of writing.