MicroStrategy buys $10-mn Bitcoin in middle of crypto’s big chill

Michael Saylor’s Bitcoin-backed tech firm MicroStrategy Inc. bought another 480 coins worth about $10 million at the height of the crypto market collapse.

The firm purchased the coins between May 3 and June 28 for about $20,817 each, according to paperwork filed with the US Securities and Exchange Commission Wednesday.

Bitcoin was trading close to $38,000 on May 3, hovering at about $20,000 from June 14 until June 28, implying the bulk of MicroStrategy’s purchases would have taken place over these last two weeks.

The acquisition represents MicroStrategy’s smallest Bitcoin buy in over a year. Its most recent purchase was nearly 90 days ago, on April 5, representing the longest stretch between purchases since the company embarked on its Bitcoin buying strategy.