MicroStrategy, the software firm led by crypto-bull Michael Saylor, said it has purchased an additional 660 bitcoins for $25.0 million in cash at an average price of $37,865 per bitcoin. Before today’s purchase, Microstrategy holds a total of 125,051 bitcoins acquired for ~$3.78 billion at an average price of $30,200 per bitcoin amid a rout in digital assets.
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Chief Financial Officer Phong Le revealed in an interview that the company is unfazed by the bitcoin slump as its approach is to buy and hold the cryptocurrency. Bitcoin, which has dropped from its all-time high in November of about $69,000 to $36,864 Tuesday, is an “intrinsically volatile asset,” he said.
Le also said MicroStrategy is considering other ways to invest in bitcoin, like bitcoin-backed bonds. He said the firm is waiting for the market to mature before buying in, though. He added that bitcoin remains the strongest cryptocurrency in the digital asset market by far, but the firm is keeping an eye on other “second-tier” cryptocurrencies as they mature. He declined to name which ones.
