MicroStrategy took advantage of the slight dip in Bitcoin price, buying millions of dollars worth of Bitcoin to add to its already hefty holdings.

With the purchase of nearly 30 BTC (29,646 BTC to be exact) for around $650 million USD, this takes the intelligence firm to stand as the fifth-largest owner of Bitcoin.

Michael Saylor, MicroStrategy CEO tweeted the news, just following the dip in price. According to the CEO, the firm has bought Bitcoin at an average price of just less than $16,000 USD per token since it started accumulating the cryptocurrency

MicroStrategy HODLs more BTC than the US government

Reportedly, the United States government owns 69,420 BTC. With the new addition to MicroStrategy holdings, this takes the firm one place ahead of the US government. As the fifth-largest known individual holder of Bitcoin, this further adds to the influence the whale could have over the market.

MicroStrategy’s first Bitcoin buy-in was in August with a significant-sized portion of 21,000 BTC which added up to $250 million USD at the time. This came as a purchase to hedge against the dollar inflation and stood to make Bitcoin and cryptocurrency its safe-haven asset against any economic issues.

At the beginning of this month, MicroStrategy had announced its plans to buy more Bitcoin. Selling $400 million USD in debt securities to raise money for the cryptocurrency, the firm had made $150 million USD more than intended and putting it all towards Bitcoin with this latest purchase.

Bitcoin price movement

Bitcoin now is sitting at $23,045 USD, which is just slightly dipped in daily trading volumes by 3.12%. Over the past week, however, the cryptocurrency has gained nearly 20% moving from $19 079,84 USD to spike above $24,000 USD before dipping back to just above $23,000 USD.