Last Updated on September 20, 2022 by Bitfinsider

MicroStrategy, a software company, announced on Tuesday, September 20th, that it had purchased 301 bitcoins.

The decision was made because the leading cryptocurrency has been underperforming in recent weeks. Bitcoin has fallen below the $20k mark in recent days, and MicroStrategy has taken advantage of this to strengthen its market position.

Michael Saylor, the chairman of MicroStrategy, announced this latest development via Twitter an hour ago. According to Saylor, MicroStrategy paid $6 million for the 301 bitcoins, which were purchased at an average price of $19,851 per bitcoin.

MicroStrategy now has 130,000 bitcoins as a result of this latest development. The company said it paid $3.98 billion for the 130,000 bitcoins, or $30,639 per bitcoin.

MicroStrategy now owns 0.62% of all Bitcoin that will ever be mined, with 130,000 bitcoins.

MicroStrategy purchased the bitcoins with excess cash, according to the Securities and Exchange Commission filing.

Michael Saylor, the company’s CEO for many years, recently stepped down. Saylor wanted to focus on purchasing more bitcoins by assuming the role of executive chairman.

Saylor has also come under scrutiny in recent weeks, with the US government targeting him in a tax evasion lawsuit.

On numerous occasions, the former MicroStrategy CEO has expressed his admiration for Bitcoin. As a result, he spent thousands of dollars on bitcoins for the software development firm.

In recent weeks, Bitcoin has underperformed. The leading cryptocurrency briefly surpassed the $19,000 mark today, but is now trading around $18,800 per coin.

In November 2021, Bitcoin reached an all-time high of $69k. However, it has since lost more than 60% of its value and is now trading for less than $20k per coin.