MicroStrategy Purchases Additional 262 Bitcoin Valued At $15 Million

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.

Please leave this field empty

Subscribe Today
for our Weekly Newsletter

Free Weekly Crypto News without the spam.

Check your inbox or spam folder to confirm your subscription.