Despite Market Crash, MicroStrategy Buys 301 Bitcoins Worth $6 Million

blockchain.news:

MicroStrategy has done it again. The Virginia-based business software company has bought additional 301 Bitcoins worth around $6 million to its balance sheet.

According to a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday, MicroStrategy purchased 301 Bitcoins (BTC) between August 2 and September 19 for about $6 million.

The filing stated that the software firm that was co-founded by entrepreneur and Bitcoin advocate Michael Saylor purchased the world's largest cryptocurrency at an average price of $19,851 per coin. This is the company’s first purchase since June, when it bought 480 Bitcoins worth around $10 million during that time.

MicroStrategy, best known as the largest corporate buyer of Bitcoin, now has almost 130,000 Bitcoins, acquiring them for a total price of $3.98 billion, according to an 8-K filing with the SEC.

Prior to the latest purchase, the firm revealed on September 15 its plans to sell up to $500 million in class A common stock and to use the proceeds to buy more Bitcoins.

In August, Saylor stepped down as CEO of the company and assumed a new role as executive chairman to focus his efforts more on Bitcoin.

How Does MicroStrategy Make Money from Bitcoin?

MicroStrategy is known for owning more Bitcoin than any other publicly-traded company. As of June 14, the Virginia-based business intelligence firm held 129,218 Bitcoins, more than two-and-a-half times as much as Tesla, the next largest Bitcoin owner.

The founder of MicroStrategy believes deeply in the promise of the flagship cryptocurrency that the firm took out a $205 million loan from Silvergate Bank to buy $190 million worth of Bitcoin in April. But since then, the crypto market, which was already plunging, has gone into