Strategy (MSTR), the software company turned serial cryptocurrency acquirer, has bought another 196 Bitcoin (BTC) for $22.1 million U.S. as the price has slumped.
Strategy, formerly known as MicroStrategy, now owns 640,031 Bitcoin worth $71.83 billion U.S. based on the current market price.
The latest purchase by Strategy, which is run by entrepreneur Michael Saylor, was made at an average price of $113,048 U.S. per Bitcoin.
Strategy’s average purchase price of Bitcoin is now at $73,983 U.S. The company is the largest corporate owner of BTC in the world.
The acquisition was funded through the issuance of MSTR common stock via an at-the-market program, as well as the issuance of perpetual preferred stock.
The latest purchase of Bitcoin comes as the price has fallen from an all-time high of just over $124,000 U.S. to its current price of $112,200 U.S.
Cryptocurrency prices have fallen across the board in recent weeks as institutional investors turn more risk averse and sell digital assets to lock-in profits with the third quarter ending.
The stock of Strategy has risen 3% this year to trade at $309.06 U.S. per share.
