MicroStrategy adds another 480 bitcoins to its reserves

MicroStrategy bought more bitcoins amid volatility in the crypto market, while BTC spent a new $10 million (approximately Rs 79 crore) on the cryptocurrency despite falling to an 11-day low of $19,000 has done. The US-based business intelligence firm has now spent over $3.98 billion (about Rs 31,440 crore) on bitcoin, and owns 129,699 digital coins, according to statements by its CEO Michael Sayer. It has lost $1.3 billion (approximately Rs 10,270 crore) since the fall in the price of the cryptocurrency.

US SEC. According to Form 8K FilingMicroStrategy bought an additional 480 bitcoins at an average price of $20,817 per bitcoin (approximately Rs 16.5 lakh).

MicroStrategy now has about 130,000 BTC (worth $2.61 billion or around Rs 20,616 crore), which it acquired for around $4 billion (approximately Rs 31,592 crore) at an average price of $30,664 (approximately Rs 24 lakh). The company claims the largest BTC hideout of any public company to date; Tesla is the second largest company with 42,902 BTC ($862 million or approximately Rs 6,810 crore).

value of Bitcoin Currently just under $20,000 (about Rs 15.8 lakh) – 70 percent down from its all-time high of $69,000 (about Rs 54.5 lakh) in November, per CoinMarketCap data.

MicroStrategy’s Chief Technology Officer (CTO), Fong Li last month told the shareholders That if the price of bitcoin falls below $21,000 (approximately Rs 16.6 lakh), the company will face a margin call. $205 million (approximately Rs 1,620 crore) loan That he bought more BTC in March. In the case of MicroStrategy, a margin call would likely mean forcing shareholders to sell their bitcoin holdings to prevent further losses. But CEO Michael Sayler isn’t worried about the current crypto winter.

Earlier this month, MicroStrategy CEO took to twitter To remind followers and investors that the company “anticipated volatility and structured its balance sheet so that it could continue to HODL under adverse conditions.”