MicroStrategy: Buying $10 million of Bitcoin again

Publicly traded business intelligence company MicroStrategy (NASDAQ: MSTR) is taking full advantage of the sluggish trend in Bitcoin prices as it purchased another 229 BTC for $10 million in cash.

Chief Executive Officer Michael Saylor disclosed the purchase in a tweet and in a filing with the U.S. Securities and Exchange Commission on Tuesday, at an average price of $43,663 per bitcoin.

MicroStrategy now holds 92,079 BTC with a total investment of $2.251 billion and an average price of approximately $24,450 per BTC.

This means the firm has nearly doubled its funds since it began investing in cryptocurrencies, with holdings now worth a total of $4.15 billion, according to CoinDesk’s price calculator.

Just five days ago, Saylor announced the purchase of 271 BTC for $15 million.

The company’s policy is to regularly purchase Bitcoin as its reserve asset to hedge against U.S. dollar inflation.