About a day after Michael Saylor, the chairman of the world's largest Bitcoin treasury firm, MicroStrategy, teased the crypto community with mysterious posts about its next move, Saylor has finally executed a major Bitcoin buy.
While the posts had sparked curiosity about whether the firm was ready to buy heavily on Bitcoin's dip or not, considering its massive $12 billion paper loss, the buzz is over as Saylor announces a 1,550 BTC purchase on Monday, June 8.
Saylor tops Bitcoin treasury
According to an official statement disclosed by Saylor, MicroStrategy has purchased 1,550 BTC for about $101 million to boost its Bitcoin holdings.
The purchase, which was made at an average price of $65,332 per BTC, happened between June 1 and June 7, when the market was experiencing extreme volatility while Bitcoin retested $59,000, reaching its year-to-date low.
Despite being underwater, MicroStrategy's Bitcoin holdings have continued to expand, now reaching 845,256 BTC after the latest purchase.
While Saylor is widely known for his strong conviction in Bitcoin regardless of market conditions, the latest purchase has sparked discussions as MicroStrategy is still sitting on a paper loss of about $12 billion, yet it is still buying.
Peter Schiff reacts to MicroStrategy's latest Bitcoin buy
As usual, the massive Bitcoin purchase from Saylor has once again drawn criticism from longtime Bitcoin critic Peter Schiff, who has described the move as "damage control."
In his statement, Schiff pointed out that while MicroStrategy acquired 1,550 BTC for $101 million, it simultaneously increased its U.S. dollar reserves by $100 million.
In his assertions, Schiff claimed that MicroStrategy has decided to raise capital by selling its stock rather than selling a portion of its Bitcoin holdings because the company remains unwilling or unable to reduce its BTC holdings to fund its operations.
U.Today Editorial Team
Dan Burgin
