Bitcoin price drop turned into buying opportunity for MicroStrategy

The software company MicroStrategy, which made headlines with its interest in the Bitcoin (BTC) currency and its large purchases, bought another $ 10 million of BTC after the market uncertainty on Thursday.

By CEO Michael Saylor it was announced The company bought an additional 205 BTC at an average of $ 48,888 and spent $ 10 million in cash for it. Thus, the company’s total Bitcoin assets reached 91,064 BTC, equivalent to $ 4.3 billion. The company’s average BTC purchase price is calculated as $ 24,119, while the total cost is calculated as $ 2.2 billion.

MicroStrategy’s move reveals that the company is considering buying BTC every time a price drop. Bitcoin was trading around $ 10,000 as the software company started converting its existing assets to BTC in 2020.

During the current bulk purchase, which was realized with a $ 900 million bond offering, an average of $ 52,700 was paid per BTC. Bitcoin price has been fluctuating ever since, as the outlook for risky assets worsened on Wall Street.

Bond yields in the US have risen sharply in recent weeks. This points to an exit from the recession and rising inflation expectations. Normally, this should reflect positively on stocks and risk assets, but with the Fed’s interventions this does not become a reality.

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