Microstrategy announced today that it purchased $15 million worth of Bitcoin. The company’s CEO, Michael Saylor, tweeted this morning that his company had bought approximately 253 BTC, bringing its total holdings to about 91,579 BTC. In his tweet, Saylor said that the company’s latest buy was at an average cost of $59,339 per Bitcoin, which is about $1,600 below the cryptocurrency’s all-time high.
With Bitcoin prices hovering around the $59,000 mark at the time of writing, Microstrategy’s current holdings amount to more than $52 billion dollars. Since his company’s first Bitcoin purchase last August, Saylor has remained incredibly bullish on his bet. When Microstrategy’s $550 million cash reserve ran dry from purchasing Bitcoin, he raised a $650 million corporate bond to buy even more. This February, the company raised another $1.05 billion in a bonds-for-Bitcoin offering.
Saylor Remains Incredibly Bullish on Bitcoin
With ultra-low corporate interest rates, Saylor has stated that he would prefer to issue debt now to buy Bitcoin. It’s also been disclosed that he has a personal holding worth more than $1 billion dollars.
“The Company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin,” said Saylor. “[We] now hold over 90,000 bitcoins, reaffirming our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value. We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin.”
Microstrategy Shares Recover from Recent Tech Correction
Source: MSTR on Tradingview.com
Following a near 50% decline in stock price from recent highs, MicroStrategy’s stock has reversed from its downtrend alongside the NASDAQ Composite. Its shares traded at $720.55 today into market close.
Featured image from UnSplash.