MicroStrategy Announces Bitcoin Purchase as BTC Price Plunges

Virginia-based business intelligence firm MicroStrategy has purchased an additional $243 million worth of Bitcoin, according to a Monday  filing .

This time, the average purchase price was $95,972 per Bitcoin. 

This is the 10th consecutive weekly Bitcoin announcement made by the company. 

As  reported by U.Today , the leading corporate Bitcoin holder previously revealed a $101 million Bitcoin purchase on Jan. 5. 

With the latest addition, the company's Bitcoin holdings have now eclipsed the 450,000 BTC mark in a major milestone. This cryptocurrency fortune is currently worth a total of $41 billion.

The most recent announcement came shortly after the price of the leading cryptocurrency slipped to an intraday low of $90,198. 

The MicroStrategy (MSTR) stock is also down more than 4% in premarket trading. The company's shares are now down a whopping 44% from their Nov. 21 peak of $534. Last year, corporate investment in Bitcoin emerged as a big narrative because of MicroStrategy, according to NYDIG.  

This recent underperformance contrasts with Michael Saylor's faith in his Bitcoin bet.

During a recent appearance on Fox Business, the MicroStrategy cofounder said that the largest cryptocurrency represents the "digital transformation" of capital. He said that Bitcoin was emerging to compete with equity and real estate to compete as the world's reserve capital.  

He has also repeatedly rejected the idea of selling Bitcoin, recently stating that the community would never trust him again if the company decided to take profits.

Earlier today, Saylor urged companies to embrace the digital transformation by option for Bitcoin instead of bonds