MicroStrategy’s stock dropped 6% at the opening bell on Tuesday after its executive chairman Michael Saylor announced the firm had purchased another 301 Bitcoin, totaling $6 million at the time of purchase. 

The latest purchase brings the business intelligence firm’s total holdings to 130,000 Bitcoin.

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In its filing with the Securities and Exchange Commission (SEC) today, MicroStategy began its latest Bitcoin acquisition on August 2, 2022.

By September 19, the firm had accrued 301 BTC at an average price of approximately $19,851 per coin. MicroStategy purchased the Bitcoin using "excess cash."

The firm's stock dropped at the market's open, falling from $200 to $193.72. MSTR has since recovered some and is now trading at $200. 

According to Saylor, MicroStrategy, the largest corporate holder of Bitcoin, has spent over $3.98 billion on its Bitcoin bet.

Microstrategy and Bitcoin

Earlier this month, MicroStrategy announced that it had entered into an agreement with Cowen & Co. to sell up to $500 million in Class A common stock shares, hinting that it would use some of the proceeds to buy more Bitcoin. 

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At the time, the company did not say how much Bitcoin it would purchase.

In August, Saylor stepped down as MicroStrategy’s CEO to focus on the firm's Bitcoin initiatives.

"My focus is bitcoin advocacy and education, like with the Bitcoin Mining Council, and being spokesperson and envoy to [the] global bitcoin community," Saylor said on the company's 2022 Q2 earnings call last month.

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