Saylor Buys the Dip: MicroStrategy Buys 7,002 Bitcoins

MicroStrategy Buys 7,002 Bitcoins
  • MicroStrategy has purchased an additional 7,002 bitcoins.
  • CEO Michael Saylor said each bitcoin acquired averaged $59,187.
  • MicroStrategy now holds 121,044 bitcoins.

MicroStrategy CEO Michael Saylor definitely did not pass up the opportunity to buy bitcoins at a discounted price during the Black Friday sale. In fact, he announced that the company has purchased an additional 7,002 bitcoins for $414.4 million.

According to Saylor, they bought the bitcoins with cold cash at an average price of $59,187 each. That is, with Bitcoin still trading at a sub-$60,000 range. At the time of writing, Bitcoin price is at $56,559.38, according to CoinGecko.

Meanwhile, MicroStrategy now holds a total of 121,044 bitcoins at an average price of $29,534 per coin, as per Saylor. It is not clear when MicroStrategy purchased the bitcoins, especially since Bitcoin traded below $55,000 in over a day. 

BTC/USDT 1-day chart (source: TradingView)

Meanwhile, the chart above shows that Bitcoin has stopped dipping below the $53,000 support range. At the moment, the top asset may be experiencing a consolidation period.

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