The business intelligence company MicroStrategy acquired another 271 BTCs in its reserves, highlighting CEO Michael Saylor's growing confidence in the digital asset.
The purchase was made during May 13 at an average price of $55 387. In total, $15 million was allocated for the transaction. Now MicroStrategy owns 91,850 BTC at an average purchase price of $24 403. MicroStrategy reported the purchase to the U.S. Securities and Exchange Commission (SEC) under Form 8-K.
Although the acquisition of MicroStrategy coincided with a correction in the Bitcoin exchange rate caused by the sudden decision of Elon Musk to stop accepting payments to BTC for Tesla cars, the business intelligence company does not expect time to enter the market. Back in February, Saylor said the company did not intend to slow down the pace of BTC purchases.
At the moment, MicroStrategy ranks first in the list of corporations that have Bitcoin on their balance sheet. In total, the company has 0.437% of the BTC in circulation.
MicroStrategy acquires Bitcoin on the assumption that a digital asset is a reliable means of saving in the face of systemic depreciation of the dollar. The company even issued debt obligations to expand its crypto portfolio.