MicroStrategy, a business intelligence company, owns the most number of Bitcoin of any entity in the world. CEO Michael Saylor may be feeling some regret right now after his holdings have lost billions in valuation after the cryptocurrency crash.
Michael Saylor BTC Holdings
MicroStrategy began to buy Bitcoin in 2020, adding it to the company balance sheet. Currently, MicroStrategy holds approximately 129,699 BTC.
However, Michael Saylor may be sweating right now after the cryptocurrency crash of mid 2022 – the bear market has been dubbed ‘crypto winter’ in media. Microstrategy’s BTC holdings are valued at approximately $3.4 billion less in the 2nd quarter of 2022 than in the first. The drop in BTC has also created a downward spiral in the MicroStrategy stock.
The company’s stock tumbled 66% in the 2nd quarter. This is higher than BTC’s 59% loss at the end of Q2. By the end of Q1, the company’s holdings were worth $5.9 billion. However, as the price of Bitcoin reached the $18,900 mark by the end of June – the company’s BTC was worth only $2.45 billion.
This equates to a 58% decrease Quarter-on-Quarter (QoQ). Since MicroStrategy began holding Bitcoin, their average price per Bitcoin is worth approximately $30,700. Therefore, the total BTC holdings of the company are down 39%. However, the company has no plans to sell its BTC holdings.
MicroStrategy Buys More Bitcoin
While many institutional investors have become wary of Bitcoin in the past few months, MicroStrategy is buying even more assets. On June 29th, Michael Saylor announced a new purchase made by his company.
Taking to Twitter, the MicroStrategy CEO stated that the company purchased an additional 480 bitcoins at an average of $20,817 per token. The total investment rounds up to $10 million. The company is in BTC for the long haul, with no plans to sell any BTC holdings in the coming months.
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