Microstrategy (MSTR) Just Dropped $285.5M to Buy 3,459 Bitcoins

Michael Saylor barely blinked before opening the wallet again. Just days after his firm Strategy (MSTR) halted Bitcoin purchases during a market dip

Microstrategy (MSTR) has purchased 3,459 new bitcoins for approximately $285.5 million, continuing its firm commitment to the leading cryptocurrency even as the company reported a staggering $5.91 billion loss for the first quarter.

Despite rumors of Microstrategy halting Bitcoin purchases during a recent market downturn, the firm actually reduced the pace of its buys. However, after reporting a net loss of $5.91 billion for the first quarter, and with the firm’s stock price plummeting 14% since March 31, Strategy has now resumed its rapid pace of Bitcoin purchases.

As of April 6, Strategy had purchased no Bitcoin for a period of 15 days. This follows a period of almost daily buys, with the last batch reported on March 23, when the firm disclosed buying 990 coins for $79.9 million.

However, Strategy didn’t change its tone. On April 3, Saylor posted, “Bitcoin is most volatile because it is most useful.” A few days later, his team backed up that tweet with cash — buying BTC at an average price of $82,618.

This fresh $285 million purchase brings Strategy’s total stash to a whopping 531,644 Bitcoin, which is currently valued at nearly $36 billion. The firm’s average cost basis is now $67,556, and it’s currently sitting on more than $9.1 billion in unrealized profits, according to Saylortracker.