MicroStrategy continues to execute its Dollar Cost Averaging (DCA) strategy during the cryptocurrency market’s downturn. Specifically, MicroStrategy purchased an additional 5,445 BTC (approximately $147.3 million USD) between August 1st and September 24th. As of now, the company holds 158,245 BTC at an average price of $29,582 USD per BTC.
Notably, Michael Saylor revealed that MicroStrategy sold 403,362 Class A common shares to raise funds for Bitcoin purchases. On August 1st, MicroStrategy entered into a sales agreement with brokerage firms Cowen and Company LLC, Canaccord Genuity LLC, and Berenberg Capital Markets LLC, allowing the issuance and sale of Class A common shares with a total value of up to $750.0 million USD through agents.
However, since August 1st, MicroStrategy’s stock price (MSTR) has declined by over 25%. Despite the challenging market conditions and continuous reports of losses, Michael Saylor remains unwavering in his belief in Bitcoin. On June 13th, he emphasized that recent regulatory measures by the U.S. Securities and Exchange Commission (SEC) would help establish Bitcoin as the “king.” Bitcoin is the only cryptocurrency excluded from the SEC’s list of securities by SEC Chairman Gary Gensler.