Bitcoin whale MicroStrategy buys additional 271 BTC
MicroStrategy has added another 271 BTC to its strategic reserves, underscoring CEO Michael Saylor’s growing conviction in the digital asset.
The latest purchases were made on May 13 for an average price of $55,387 each BTC, Saylor disclosed on Thursday. The company now has 91,850 BTC in its books for an average purchase price of $24,403.
MicroStrategy also disclosed the purchase to the United States Securities and Exchange Commission through a Form 8-K filing that was submitted on Thursday.
Apparently, the purchase seems to have coincided with the latest correction in Bitcoin’s price, which moved down by Elon Musk’s sudden decision to stop accepting BTC payments for Tesla vehicles, the business intelligence firm isn’t timing the market.
Saylor indicated back in February that he doesn’t intend to slow the rate of his company’s BTC purchasing as he snatched up another $1 billion worth of the digital asset.
MicroStrategy is seating at the top of the Bitcoin corporate treasuries list with accounting for 0.437% of the asset’s circulating supply.
The United States’ M2 money supply has exploded since the 2008 financial crisis and, more recently, since the inception of the COVID-19 pandemic. Since February 2020, the money supply has expanded nearly 30% to $19.896 trillion, according to the St. Louis Federal Reserve Bank. To put that in perspective, the year-over-year increase in the M2 money supply had never exceeded 15% until 2020.