Business intelligence firm MicroStrategy bought another 1,434 Bitcoins over the period from Nov. 29 to Dec. 8, according to its latest regulatory filing.
The average purchase price was $57,477, which is 13.5% lower compared to where Bitcoin is trading right now.
In late November, as reported by U.Today, MicroStrategy reported that it had purchased $414 million in the largest cryptocurrency since the start of the fourth quarter of 2021.
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Bitcoin is currently trading at just above $49,000, with the news of the Evergrande default exerting pressure on the global equities market.
MicroStrategy's average purchase price has now hit $29,861, which means that the company will be underwater if Bitcoin drops another 39% from here.
Galaxy Digital CEO Mike Novogratz recently said that Bitcoin was unlikely to drop below the $40,000 level.
Vladislav Sopov
U.Today Editorial Team