Publicly-traded MicroStrategy announced Tuesday that it had purchased an additional 295 bitcoin for $10 million in cash.
This brings MicroStrategy’s total bitcoin holdings to 71,079 bitcoin, worth about $2.5 billion at current prices.
The company’s bitcoin bet appears to have paid off well so far. MicroStrategy acquired these bitcoins at an aggregate price of around $1.15 billion, or at an average price of around $16,109 per bitcoin. Currently, bitcoin’s price is trading at around $34,850.
Just less than two weeks ago, MicroStrategy bought bitcoin worth $10 million. Last week, the Nasdaq-listed company said it wants to acquire more bitcoin and that it is exploring alternative avenues for doing so.
MicroStrategy began purchasing bitcoin in August last year. At the time, the company’s CEO Michael Saylor said, bitcoin investments are aimed at maximizing long-term value for shareholders.
Later, in an interview with The Block, Saylor said bitcoin is the “best money ever created.” He compared bitcoin to gold and the U.S. dollar and said the cryptocurrency is a superior asset for a treasury given that it is not deflationary by design.
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