MicroStrategy Purchases Additional 262 Bitcoin Valued At $15 Milli…

MicroStrategy announced that it has purchased an additional 262 Bitcoin (BTC) — Bitcoins are seen in this illustration picture taken September 27, 2017. REUTERS/Dado Ruvic/Illustration – RC19EC5CA1C0

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.