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Microstrategy has purchased more bitcoin amid a heavy market sell-off. The announcement followed a clarification by the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, stating that bitcoin is a commodity. <\/strong><\/p>\n The Nasdaq-listed software company Microstrategy has bought the bitcoin dip again. In a Wednesday filing<\/a> with the U.S. Securities and Exchange Commission (SEC), the company declared that during the period between May 3 and June 28, it \u201cacquired approximately 480 bitcoins for approximately $10.0 million in cash, at an average price of approximately $20,817 per bitcoin, inclusive of fees and expenses.\u201d The filing adds:<\/p>\n As of June 28, 2022, Microstrategy, together with its subsidiaries, held an aggregate of approximately 129,699 bitcoins.<\/p>\n<\/blockquote>\n Overall, the company\u2019s BTC<\/a> \u201cwere acquired at an aggregate purchase price of approximately $3.98 billion and an average purchase price of approximately $30,664 per bitcoin, inclusive of fees and expenses,\u201d the filing further details.<\/p>\n Microstrategy recently dispelled the rumor<\/a> that it may be facing a margin call on a bitcoin-backed loan<\/a> from Silvergate Bank.<\/p>\n Michael Saylor, the CEO of the Nasdaq-listed software company, said<\/a> in May: \u201cWe are in it for the long term \u2026 Our strategy is to buy bitcoin and hold the bitcoin, so there\u2019s no price target. I expect we\u2019ll be buying bitcoin at the local top forever.\u201d He added: \u201cI expect bitcoin is going to go into the millions. So, we\u2019re very patient. We think it\u2019s the future of money.\u201d<\/p>\n Microstrategy\u2019s latest bitcoin purchase announcement followed a statement by SEC Chairman Gary Gensler earlier this week clarifying that bitcoin is a commodity<\/a>. The company was in the middle of acquiring the latest batch of BTC<\/a> when Gensler made a comment about BTC<\/a> being a commodity.<\/p>\n Saylor tweeted in response to Gensler\u2019s clarification:<\/p>\n Bitcoin is a commodity, which is essential for any treasury reserve asset.<\/p>\n<\/blockquote>\n He continued: \u201cThis allows politicians, agencies, governments, and institutions to support bitcoin as a technology and digital asset to grow the economy and extend property rights and freedom to all.\u201d<\/p>\n Bitcoin, being a commodity, falls under the purview of the Commodity Futures Trading Commission (CFTC). The chairman of the derivatives watchdog, Rostin Behnam, recently said that bitcoin and ether are commodities<\/a>.<\/p>\n The SEC has been seeking to collaborate with the CFTC on crypto regulation. Last week, Gensler proposed having \u201cone rule book<\/a>\u201d for the regulation of crypto trading. The SEC chairman warned<\/a> last month that a lot of crypto tokens will fail.<\/p>\nMicrostrategy Buys the Dip<\/h2>\n
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