MicroStrategy Buys $1.1B Bitcoin Ahead of Market Plunge

Cryptocurrency markets experienced a significant downturn on Monday, with the total market capitalization dropping by over $200 billion. Bitcoin, the world's largest cryptocurrency, retreated to multi-day lows, mirroring a sharp decline in U.S. tech stocks. Meanwhile, MicroStrategy, a business intelligence company, added $1.1 billion worth of Bitcoin to its portfolio ahead of the price plunge.

Bitcoin development company MicroStrategy has once again bought the top, spending over $1 billion on the biggest cryptocurrency ahead of its Monday plunge. The firm's Bitcoin proponent, co-founder and Executive Chairman Michael Saylor, announced that the company had spent around $1.1 billion buying 10,107 Bitcoin at the average price of $105,596 per coin over the past week. Bitcoin is now trading for about $100,700 after dropping as low as $98,380 on Monday morning New York time, according to CoinGecko.

MicroStrategy now holds 471,107 Bitcoin, currently valued at more than $47 billion. The company has spent a total of $30.4 billion on the cryptocurrency, Saylor said on X (formerly Twitter), at the average price of $64,511 per Bitcoin. Once a sleepy software company, MicroStrategy is now the talk of the town, with its market cap soaring and making shareholders huge gains since the company adopted a Bitcoin strategy. It works to give investors what it calls safe and regulated exposure to Bitcoin via its shares, which trade on the Nasdaq.

The company first bought Bitcoin in 2020 and hasn't stopped since, accelerating its buying over the past 12 weeks, announcing a new purchase each and every week during that span. Saylor argues that Bitcoin is the best inflation hedge and way to preserve wealth over the long-term, and urges other companies to do the same. The company joined the Nasdaq-100 in December, securing its place with some of the world's most valuable companies, like Apple and Microsoft. MicroStrategy stock (NASDAQ: MSTR) is currently priced at about $340 a share, down 14% over the last week and about 4% so far Monday amid a broader stock market drop apparently fueled by the.