Business analytics firm MicroStrategy announced that it has purchased an additional 262 Bitcoin at an average price of $57,146 per BTC. Bringing the total valuation to about $15 million.
“MicroStrategy has purchased an additional ~262 bitcoins for ~$15.0 million in cash at an average price of ~$57,146 per #bitcoin.” Tweeted founder and CEO Michael Saylor.
“As of 3/12/2021, we #hodl ~91,326 bitcoins acquired for ~$2.211 billion at an average price of ~$24,214 per bitcoin. $MSTR”
Saylor has been a longtime advocate of Bitcoin and digital currencies in general. The CEO held a conference called “Bitcoin for corporations” on February 4 to attract more institutional investment.
Saylor said he held the conference after getting so many questions from fellow CEO’s about his company’s Bitcoin purchases. He provided some answers in a recent sit-down with investor Guy Adami on the most recent episode of Context Live.
“My conversation with @GuyAdami on bonds, rise of #bitcoin, modern portfolio theory, investment strategy, corporate strategy, blue dollar model, & the importance of laser focus to avoid being distracted by the shiny objects, sound, & fury of the market.”
The latest purchase increases MicroStrategy’s total BTC holdings to around 91,326. Bought for an average of $24,214 apiece.
The company made its first Bitcoin purchase for $250 million in August 2020. Afterwards, MicroStrategy bought $50 million of BTC on December 4 and then another $400 million worth of the leading cryptocurrency four days later.
More recently, MicroStrategy used the proceeds from a $900 million convertible debt offering to purchase more Bitcoin on February 17.
All-in-all, the company has spent about $2.21 billion on BTC. Their entire holdings is worth $5.1 billion, representing a $2.89 billion profit.
MicroStrategy stock plunges after Bitcoin buy
MicroStrategy boasts a market cap of roughly $7.71 billion as of March 12, but turned in revenues of just $480 million last year while posting a net loss of roughly $7.5 million.
On Friday, the company’s stock was trading at $770 per share, down 4.70% from the previous day.