MicroStrategy took advantage of another downward move in the price of the No. 1 cryptocurrency.
According to Michael Saylor, founder and former chief executive officer (CEO) of software company MicroStrategy, the company invested about $6 million more in bitcoins, buying them at an average price of $19,851,000/BTC of 301 bitcoins.
This move by the organization refutes the notion that Saylor’s resignation from the company’s operational management could be due to dissatisfaction among some shareholders that MicroStrategy’s policy of making significant investments in bitcoins has led to a number of purchases of this cryptocurrency being made at prices above those currently on the market, thereby potentially resulting in a financial loss if these cryptocurrencies were sold.
Sailor rejects this financial approach, repeating its thesis that there is no loss on bitcoin investments as long as they are not realized. If one is focused on long-term horizon of investing, all of MicroStrategy’s bitcoin investments turn out to be in the black. That said, the U.S. Securities and Exchange Commission (SEC) insists that MicroStrategy in one form or another reflects that for a number of bitcoin investments such investments are “underwater,” that is, in the red zone, and have the potential risk of the organization receiving a loss from such investments.
Be that as it may, MicroStrategy currently owns 130,000 BTC, which is about 0.62% of the total supply of this cryptocurrency.