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    MicroStrategy buys the dip by purchasing 660 Bitcoin for $25M

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    Major Bitcoin (BTC) investor ​​MicroStrategy has announced another major BTC purchase during a market dip to collect a total of 125,051 BTC as of Monday.

    According to an official form with the United States Securities and Exchange Commission (SEC) filed on Tuesday, ​​MicroStrategy purchased 660 BTC between December 30, 2021, and January 31, 2022, for “approximately $25 million” in cash.

    The average BTC price of the purchase amounted to $37,865 per BTC, including fees and expenses, the report notes. As of Jan. 31, MicroStrategy held about $3.78 billion worth of BTC at the average purchase price of approximately $30,200 per BTC, inclusive of fees and expenses.

    The latest report comes shortly after the SEC reportedly rejected MicroStrategy’s Bitcoin accounting practices, causing MicroStrategy shares to plummet in mid-January.

    The SEC specifically objected to MicroStrategy reporting data related to BTC purchases based on non-Generally Accepted Accounting Principles (GAAP). The authority argued that MicroStrategy used non-GAAP methods of calculating figures for its BTC buys excluding the “impact of share-based compensation expense and impairment losses and gains on sale from intangible assets.”

    The latest Bitcoin buy is apparently not that big compared to the most recent BTC purchases by MicroStrategy. In December 2021, MicroStrategy announced two major BTC purchases, buying 1,434 BTC from Nov. 29 to Dec. 9 at the average price of $57,477 per BTC and then purchasing 1,914 BTC from Dec. 9 to Dec. 29 at the average price of $49,229 per BTC.

    Previously, the company had bought as much as 7,002 BTC from Oct. 1 to Nov. 29 at the average price of $59,187 per BTC.

    Related: MicroStrategy CEO won’t sell $5B BTC stash despite crypto winter

    Major Bitcoin investors including the government of El Salvador continued to investi in BTC amid a market downturn in January. On Jan. 21, El Salvador president Nayib Bukele announced that the Salvadoran state purchased 410 BTC for $15 million, placing the average price at approximately $36,585 per BTC.