MicroStrategy Snaps Up Another $10 Million in Bitcoin

Mar 5, 2021 | Decrypt News | 0 comments

microstrategy-snaps-up-another-$10-million-in-bitcoin

Cloud service provider MicroStrategy has purchased a further $10 million in Bitcoin. This is the latest in a string of Bitcoin buys, as the firm continues to add to its $4.4 billion warchest.

MicroStrategy CEO Michael Saylor announced today that the firm has bought 205 Bitcoin for around $10 million. It paid an average price of $48,888 per coin.

The firm, which bought $1 billion in Bitcoin last month, now has a total of 91,064 Bitcoin. It has paid a total of $2.19 billion for this stash.

As Decrypt reported on February 25, the firm announced that it had purchased 19,452 Bitcoin, worth $1.026 billion at the time, at an average price of $52,765 per BTC. It did so by offering even more convertible notes, this time at 0% interest.

MicroStrategy Has $4.5 Billion in Bitcoin, But It Wants More

The firm plans to continue investing in Bitcoin and growing its holdings, according to a recent statement.

“We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin,” said MicroStrategy CEO Michael Saylor.

News Source from Decrypt.co

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