MicroStrategy holds about 70,470 Bitcoins, worth over $1.59 billion.

Buy the Dip: MicroStrategy Purchases Over $1B Bitcoin in 2020

MicroStrategy holds about 70,470 Bitcoins, worth over $1.59 billion.

As Bitcoin (BTC)’s price dips, MicroStrategy announced it purchased over $1.12 billion of Bitcoin, as of Dec 21, 2020. It recently added 29,646 BTC to its Bitcoin stash for a total $650 million.

Early December, MicroStrategy launched its debt security sale to raise funds for buying Bitcoin. The debt offering ultimately raised $650 million up from the original $400 million target, thanks to overwhelming market response.

MicroStrategy buys the dip as Bitcoin recovers from Monday’s market sell-off to about $24,000 level. As of the time of writing, Bitcoin is trading at $23,675, up 3.6% in the last 24 hours.

To date, MicroStrategy holds about 70,470 Bitcoins, worth over $1.59 billion. Moreover, its Bitcoin stash is now larger than the US government, which reportedly owns 69,240 Bitcoins.

“The acquisition of additional Bitcoins announced today reaffirms our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value,” MicroStrategy CEO Michael Saylor said in a statement.

The company entered the cryptocurrency space when it purchased $250 million worth of Bitcoin in August. This follows with a further $425 million acquisition in September, which MicroStrategy partnered with Coinbase’s over-the-counter desk.

MicroStrategy CEO Buying $1,000 BTC Every Second

Its CEO Michael Saylor has become a major advocate of Bitcoin. In October, he revealed that he personally held over 17,000 Bitcoins. “Last week I bought $1,000 in Bitcoin every second in the evenings and the weekends,” Saylor said in a podcast.

Additionally, Saylor on Twitter encouraged Tesla CEO Elon Musk to convert Tesla’s balance sheet into Bitcoin. “Other firms on the S&P 500 would follow your lead,” tweeted Saylor, compounding the benefits of the move.

Former White House Communications Director Anthony Scaramucci is another investor inspired by Saylor.

Scaramucci said his hedge fund, Skybridge, has invested $25 million in its new Bitcoin fund. Moreover, Skybridge is running a full Bitcoin node. The new Bitcoin fund will go live to outside investors in 2021.

Scaramucci told CNBC that Bitcoin is in its “early innings,” and he wants to get in before the price soars even higher. He also credited the MicroStrategy CEO as the inspiration for starting the new fund.