MicroStrategy CEO Michael Saylor announced the company has bought an additional 205 Bitcoins valued at roughly $10 million. This equates to an average price of $48,888 per BTC.
Following MicroStrategy’s latest purchase, the company now holds 91,064 Bitcoins with a total acquisition cost of $2.2 billion. Each BTC has an average price of about $24,119.
With the value of one Bitcoin being nearly double that today, MicroStrategy has realized a total profit of $2.1 billion. The company’s latest purchase is one of its many “symbolic” buys where it puts a few more million in BTC after every dip.
Furthermore, the purchase was funded by a bond offering of $900 million, done at an average price of $52,000 per Bitcoin. The coin’s value is currently below that due to a rough week on Wall Street.
Thursday’s buy coincided with a period of heightened tension on markets. That’s despite bond yields being on a steady and rise in the past few weeks. Which traditionally signals recovery from a recession and heightened inflation expectations.
However, this hasn’t reflected well on stocks or risk assets. The tension could possibly be having some effect on Bitcoin, but MicroStrategy does not seem deterred.
This was evident as the company chose not to sell its BTC even as the price has fallen 50% since February highs.
A look back at previous Bitcoin investments
MicroStrategy made its first Bitcoin investment last August as the cryptocurrency soared in value. The company has since made multiple purchases of the digital currency.
Most recently, MicroStrategy bought 328 Bitcoins for about $15 million in cash on March 1.
Bitcoin, MicroStrategy stock both trending downward
At press time, Bitcoin was trading at $47,909, which is down 1.1% from Thursday. Meanwhile, MicroStrategy shares shed 2.3% in premarket trading.
While it’s been a rough week for both Bitcoin and MicroStrategy, they still have enjoyed a productive year to this point. MicroStrategy’s stock has soared 96.9% over the past three months, while the price of BTC is up 156.4%.