MicroStrategy, a software company known for its heavy Bitcoin purchases, bought another $ 10 million after market fluctuations on Thursday.

As CEO Michael Saylor announced, the company bought an additional 205 BTC at an average price of $ 48,888 and spent $ 10 million in cash. This brings the company’s total bitcoin volume to 91,064 BTC, worth $ 4.3 billion. The total value of BTC is $ 2,196 billion and the average purchase price is $ 24,119.

Bitcoin’s recent acquisition of MicroStrategy is one of many ‘premium’ purchases as the company has invested at least several million more in bitcoin. Although the software company began investing its current assets in BTC in 2020, when Bitcoin was trading for about $ 10,000, recent purchases have yet to pay off.

The last major purchase was a $ 900 million bond offering at an average price of $ 52,700 per bitcoin. Bitcoin price has fluctuated since then amid a deteriorating outlook for risky assets on Wall Street.

Thursday’s buy coincided with a period of growing market tensions when Fed Chairman Jerome Powell made it clear that bankers did not believe the current situation warranted further intervention. The bond yields have been steadily growing in recent weeks, which traditionally indicates an improvement in the situation after the recession and an increase in inflationary expectations. This usually translates well to stocks and risky assets, but the history of unstoppable growth in 2020 has relied on low bond yields and continued Fed intervention as an excuse to overpay.

Tensions on Wall Street appear to be having some impact on Bitcoin, although MicroStrategy seems to be on track. Thursday’s buy is largely symbolic, but more importantly, MicroStrategy did not sell, despite the share price being 50% lower than in February.

Source: CoinTelegraph

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