MicroStrategy Buys The Dip, Adds To Bitcoin Hoard For Seventh Straight Week

MicroStrategy (MSTR) has bought the dip, adding to its Bitcoin hoard for the seventh consecutive week as it fortifies its position as the largest corporate holder of the leading cryptocurrency.

The firm bought 5,262 BTC for $561 million last week, bringing its overall hoard of the digital currency to 444,262 BTC.

The latest news comes as MicroStrategy starts its first full day of trading as a member of the Nasdaq 100 equity index. In pre-market trading, the stock price was steady above $364.2.

Executive chairman Michael Saylor said the latest Bitcoin acquisition was at an average price of $106,622 per bitcoin. At today’s market price, the company’s total hoard of Bitcoin is now worth about $42.2 billion, which lifts its overall average purchase price to $62,257 per bitcoin

MicroStrategy Uses $7.08 Billion Program To Buy Bitcoin

The company paid for this latest buy by drawing on its at-the-market stock sales program, which has $7.08 billion in funds available. MicroStrategy’s practice of funding its Bitcoin buys with equity sales is characteristic of the idiosyncratic strategy under which the company uses traditional markets to build up its cryptocurrency-denominated treasury.

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