Michael Saylor, the CEO of business intelligence firm MicroStrategy, has shared a <a href="https://twitter.com/michael_saylor/status/1392814015181635584">tweet</a> on purchasing Bitcoins worth $15 million. As per the recent Securities and Exchange Commission (SEC) filing, MicroStrategy has purchased 271 bitcoins while the average price was around 55,000.
<h2 style="text-align: left">Microstrategy Purchases Bitcoin During Price Drop at $55,000</h2>
<span style="font-weight: 400">On May 13th, the NASDAQ-listed company announced the purchase of 271 bitcoins. MicroStrategy has doubled down on its BTC-related agenda, despite the volatile market conditions. The purchase makes the total <a href="https://www.cryptoknowmics.com/news/microstrategy-buys-additional-205-bitcoin-btc-for-10-million/">accumulation of Bitcoin</a> to 91,850 coins.</span>

<span style="font-weight: 400">Despite being made public today, the $15 million worth transaction was yesterday, according to MicroStrategy. The company saw an opportunity to add more bitcoins to its treasury, during a drop in the price of $55,387. This is the asset's price from yesterday before it steadily decreased to a 2-month low below $47,000 today on reports that Tesla will no longer accept Bitcoin payments for its vehicles. </span>

<span style="font-weight: 400">MicroStrategy eventually paid $2.241 billion for the coins it owns. Their shares are now worth around $4.6 billion, thanks to the asset's remarkable appreciation in value since then.</span>

Moreover, the business intelligence company also requires 8,421 bitcoin to reach its target of 100,000 BTC in reserves. To get over that figure, the company will have to spend another $496 million on bitcoin at current rates.
<h2 style="text-align: left">MicroStrategy's Commitment Towards BTC-Related Initiatives</h2>
Apart from major bitcoin funds such as GBTC and a few other entities, Microstrategy is a publicly traded company with one of the largest bitcoin holdings to date. <span style="font-weight: 400">In August of last year, the organization started allocating funds in the primary cryptocurrency. </span><span style="font-weight: 400">Since then, the average entry price for those transactions made has been $24,403 per bitcoin. </span>

<span style="font-weight: 400">Apart from owning 0.437 percent of all bitcoins ever created, the tech giants and their CEO have recently launched hundreds of new pro-BTC initiatives.</span>

<span style="font-weight: 400">MicroStrategy hosted a panel earlier this year to inform C-level executives from big businesses about the benefits of investing in bitcoin. Saylor then followed up with a detailed course for investors. </span><span style="font-weight: 400">In addition, the company changed its internal policies by paying non-employee board members in Bitcoin rather than cash.</span>

MicroStrategy Purchases Bitcoin Worth $15 Million at $55,000

MicroStrategy purchases another set of 271 bitcoins worth $15 millions, totaling nearly 91,579 coins, when Bitcoin dropped to $55,000.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

MicroStrategy Purchases Bitcoin Worth $15 Million at $55,000

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