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MicroStrategy (NASDAQ:MSTR) has disclosed a purchase of 480 more bitcoins (BTC-USD) for $10M in cash even as the company undergoes massive unrealized losses as bitcoin suffers one of its worst drawdowns since the 2018 bust, according to an SEC filing dated Wednesday.
During the period between May 3 and June 28, MicroStrategy (MSTR), which is known to raise capital to buy more bitcoin (BTC-USD), bought the crypto at an average price of approximately $20,817, including fees and expenses.
That brings its total stash to 129,699 bitcoins (BTC-USD), which were acquired at an aggregate purchase price of $3.98B and an average purchase price of ~$30,664 per BTC, inclusive of fees and expenses.
Despite crypto winter setting in, Michael Saylor, the CEO of MicroStrategy (MSTR), is clearly sticking with his assessment that there's no better investment idea than bitcoin (BTC-USD).
Meanwhile, bitcoin (BTC-USD) is battling to hold $20K again amid shrinking liquidity and heightened price volatility. It's down 4.4% to $20.02K as of shortly before 9:00 a.m. ET.
In mid-June, MicroStrategy said it hasn't received a margin call on its bitcoin-backed loan.