MicroStrategy – a business intelligence entity located in Virginia – has reportedly finalized the purchase of 271 Bitcoin (BTC) to add to its strategic reserves.
Particularly, the purchase – which further reinforced CEO Michael Saylor’s pro-attitude towards crypto assets – was reportedly completed through May 13, with an average selling price of $55,387.
MicroStrategy now reportedly has 91,850 BTC in its possession for an average purchase price of $24,403 and has also reported details of the deal to the United States Securities and Exchange Commission, via a Form 8-K submission.
MicroStrategy’s purchase seems to be a coincidence with the most recent correction in Bitcoin’s price, which was triggered by Elon Musk’s sudden initiative to remove Bitcoin from the list of viable payments for Tesla vehicles, the business intelligence entity is not timing the market.
Saylor reportedly shared his intention in February, claiming that he is not having any plans to slow down on his firm’s rate on buying BTC, as he secured an additional $1 billion equivalent of the virtual asset.
MicroStrategy is reportedly buying Bitcoin on the premise that the crypto coin functions as a viable store of value in the face of systemic dollar debasement. The firm has taken an extra step, adding debt issuance to the list, in an effort to widen the scope of its Bitcoin portfolio.
MicroStrategy is reportedly still the highest-ranking company in the Bitcoin corporate treasuries list, responsible for 0.437% of the asset’s circulating supply.