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MicroStrategy's $800 million BTC buy comes as no surprise to the crypto community as the company has publicly revealed its intentions to increase its Bitcoin

MicroStrategy has purchased an additional $800 million worth of Bitcoin (BTC), bringing its total cryptocurrency holdings to over $8 billion. The company's latest purchase was disclosed in an X post on Thursday.

According to the post, MicroStrategy used the proceeds from convertible notes and excess cash to purchase 11,931 BTC at an average price of $65,883. The company's average purchase price for all of its BTC holdings now stands at $36,798.

MicroStrategy began purchasing BTC in August 2020 and has since become one of the largest corporate holders of the cryptocurrency. The company's BTC holdings are valued at $14.7 billion at the current market price of $75,000.

However, MicroStrategy's BTC purchases have also come at a high cost. The company has booked billions of dollars in impairment losses on its cryptocurrency holdings.

In the fourth quarter of 2022, MicroStrategy booked an impairment loss of $1.9 billion on its BTC holdings. The company's total impairment losses on its cryptocurrency holdings now stand at $4.2 billion.

Despite the impairment losses, MicroStrategy has shown no signs of slowing down its BTC purchases. The company has disclosed plans to continue purchasing BTC and to eventually offer an ETF that will be backed by its cryptocurrency holdings.

MicroStrategy's latest BTC purchase comes as the cryptocurrency's price has fallen sharply in recent weeks. BTC is currently trading at $74,763, down more than 20% from its all-time high of $97,000.

The decline in BTC's price has been attributed to a number of factors, including the Federal Reserve's interest rate hikes, the war in Ukraine, and the collapse of several crypto exchanges.

Despite the recent decline, BTC's price has still risen by more than 40% year-to-date. The cryptocurrency is expected to continue to be a volatile asset, but it is also likely to remain a popular investment among institutions and retail traders.