CryptoCurrency News - June 29, 2022

The Michael Saylor-spearheaded business intelligence giant has spent $10 million to purchase 480 more BTC. Thus, the firm’s total stash is now close to 130,000 bitcoins.

  • Saylor took it to Twitter on June 29 to outline the latest purchase made by his company. This one, worth $10 million, secured the NASDAQ-listed firm 480 bitcoins.
  • The average price of the transaction was $20,817. MicroStrategy’s total BTC holdings have grown to 129,699, acquired for just shy of $4 billion (average price of $30,664).
  • This means that the company continues to be in the red on its bitcoin investment. With the asset struggling to remain above $20,000, MicroStrategy’s entire position is now valued at $2.6 billion.
  • In other words, the NASDAQ-listed giant sits on an unrealized loss of over $1.4 billion.
  • Nevertheless, Saylor remains as bullish as ever, predicting a future price tag of $1 million for the primary cryptocurrency. Also, the recent turmoil has apparently not deterred him and his company as he promised to continue purchasing more portions of the asset.
  • Previously, there were concerns that MicroStrategy could face a margin call on its $205 million loan from Silvergate, which it used to buy more BTC a few months back. However, the company dismissed those rumors, reassuring that it has more than enough bitcoins to keep its position.
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