MicroStrategy recently bought another 301 Bitcoins, the new documents with the US Securities and Exchange Commission reveal. MicroStrategy has now spent a total of $3.97 billion on 130,000 Bitcoin, which is currently worth only $2.45 billion.
MicroStrategy’s Bitcoin Stock
The recent purchases were made between August 2 and September 19, at an average price of $19,851 per Bitcoin.
The investment is now worth $300,000 less than at the time of purchase, as Bitcoin is currently trading at $19,163.
Despite the price drop, MicroStrategy continues to invest in Bitcoin even as Michael Saylor stepped back from CEO to become chairman. In November, when Bitcoin hit an all-time high of $68,700, MicroStrategy made a profit of $4 billion.
Richest people are not traders
Saylor was asked during CoinMarketCap’s Capital conference if this price drop bothered him:
If you had asked the same question to Jeff Bezos in 2003 and said, now that you’ve just had an 80% loss with Amazon, would you wish you had sold Amazon in the year 2001? You know, Jeff Bezos could have sold Amazon in the year 2000 to avoid a 95% loss.
He described such a mentality as “foolish” and said that if Jeff Bezos or Mark Zuckerberg sold their shares they wouldn’t be billionaires.
If you look at all the richest people in the world, they are not traders. I mean, Bill Gates, Jeff Bezos, Elon Musk, Mark Zuckerberg, Larry Page, nobody acted on his current situation. Trying to control the market is ridiculous.
– Saylor
Many of MicroStrategy’s purchases are debt fueled, with the company issuing bonds and selling stock to fund its expenses.
Earlier this month, the company revealed it plans to sell up to $500 million worth of Class A shares. A portion of the proceeds could be used to buy more crypto.
