MicroStrategy grew its reserves by purchasing 1,550 Bitcoins between June 1 and June 7. The total amount of the purchase, which came to the fore with Michael Saylor’s posts, was 101 million dollars. With the last transaction, the company increased the amount of Bitcoin in its possession to 845,256 BTC.
The timing of the purchase attracted attention
According to the announced data, the purchase took place during a period when the Bitcoin price fluctuated sharply. The average purchase price in these transactions was recorded as $65,332 per Bitcoin. During the same period, Bitcoin retested the $ 59,000 level and fell to its lowest level in the year.
MicroStrategy stands out with its enterprise-scale Bitcoin accumulation strategy. The company has been holding large amounts of Bitcoin on its balance sheet for a long time and is known for continuing its purchases regardless of price movements.
According to the official statement shared by Michael Saylor, MicroStrategy purchased 1,550 BTC for approximately $101 million to increase its Bitcoin holdings.
The latest purchase came while the company’s loss of approximately $12 billion on paper was on the agenda. Despite this, the increase in reserves brought about new discussions among market participants on the company’s risk appetite and long-term approach.
Criticism from Peter Schiff
Peter Schiff, known for his critical stance towards Bitcoin, described the latest transaction as “damage control”. Schiff argued that MicroStrategy purchased 1,550 BTC worth $101 million, while increasing its US dollar reserves by $100 million.
According to Schiff, the company prefers to raise capital by selling shares rather than selling some of its Bitcoin assets to finance its operations. He suggested that this approach indicates that the company is unwilling or unable to reduce the amount of BTC it holds.
The last statement shared by MicroStrategy revealed that the purchase was completed and the Bitcoin accumulation strategy continued. The company’s next steps are expected to be closely monitored in the market, depending on the course of volatility in the Bitcoin price.
