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MicroStrategy buys the dip, adding 660 more BTC to its reserve MicroStrategy buys the dip, adding 660 more BTC to its reserve

MicroStrategy buys the dip, adding 660 more BTC to its reserve

MicroStrategy has yet again defied the market downturn, adding another batch of Bitcoin to its reserves.

MicroStrategy buys the dip, adding 660 more BTC to its reserve

Cover art/illustration via CryptoSlate

In its first major purchase of the year, MicroStrategy added 660 additional BTC to its reserves, which currently holds over 125,000 BTC.

MicroStrategy’s doubles down on Bitcoin following conference announcement

According to the latest Form 8-K document filed with the SEC, MicroStrategy purchased 660 BTC between December 30th, 2021, and January 31st, 2022. The company paid $25 million for its latest purchase, at an average price of approximately $37,865 per Bitcoin.

MicroStrategy now holds 125,051 BTC, which it acquired at an aggregate purchase price of $3.78 billion an average purchase price of $30,200 per Bitcoin. With Bitcoin standing at around $38,500 at press time, this latest purchase means that MicroStrategy is still in profit, despite the recent market downturn.

The purchase marked the beginning of the Bitcoin for Corporations conference MicroStrategy announced last week. The virtual event will see the NASDAQ-listed company educate corporations and financial institutions on how to integrate cryptocurrencies into their operations.

The event, set to take place on February 1st and 2nd, will also explore the benefits of having Bitcoin on corporate balance sheets, its CEO Michael Saylor said on Sunday.

Aside from Saylor himself, other notable speakers at the conference will include Jack Dorsey, the co-founder of Twitter, Aubrey Strobel, the head of communications at Lolli, and Phong Le, the CFO of MicroStrategy, among others.

The first edition of the Bitcoin for Corporations conference was a resounding success. According to Saylor, last year’s event attracted more CEOs than any MicroStrategy event ever did.

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