MicroStrategy accumulated 2,501 Bitcoin in the bear market despite the MSTR stock price hitting a 6-month low.
The Bitcoin Bull Michael Saylor announced on Twitter that MicroStrategy increased its Bitcoin holdings. The tech company now holds 132,500 Bitcoin acquired for $4.03 billion at an average price of $30,397.
MicroStrategy Sold Bitcoin for the First Time
According to a Form 8-K, MicroStrategy added a net of 2501 Bitcoin to its portfolio. The company first accumulated 2,395 Bitcoin from Nov. to Dec. 21 for around $42.8 million. The firm bought Bitcoin for an average price of $17,871 during this period.
It later sold 704 Bitcoin for approximately $11.8 million at an average price of $16,776 on Dec. 22. This event was the first time when MicroStrategy sold Bitcoin since it first started accumulation on Sep. 2020.
Lastly, the firm acquired 810 Bitcoin for $13.6 million at an average price of $16,845. In total, MicroStrategy added 2,501 to its portfolio. The Michael Saylor-founded company has 132,500 Bitcoin on its balance sheet.
According to Saylor Tracker, a website that tracks the Bitcoin portfolio of MicroStrategy based on data from public announcements, the firm is down approximately 45% in its all-time Bitcoin holdings.
Although MicroStrategy is down 45% from its average buying price, the community believes that the average buy will look cheap in a few years.
The MSTR Stock Price Falls to a 6-Month Low
Despite Michael Saylor buying Bitcoin, the stock price of MicroStrategy (MSTR) has struggled this month. The MSTR stock price is trading at a 6-month low of $145.09 as of writing; the price is down by more than 28% in Dec.
Not just MSTR, bears have complete control over other crypto stocks like Coinbase (COIN) and Robinhood (HOOD). COIN is down by more than 30% this month, while HOOD is down 22%.
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