MicroStrategy buys more than $ 1 billion Bitcoin

MicroStrategy buys more than $ 1 billion Bitcoin

Announced MicroStrategy Corporation on Wednesday bought just over $ 1 billion of the coin Bitcoin, Just days after finalizing another sale of convertible debt.

The enterprise software company said it paid the average price of $ 52,765 per bitcoin, including fees and other expenses.

After its acquisition of approximately 19452 Bitcoins, MicroStrategy’s total holdings of the digital currency have become 90,531 Bitcoins.

MicroStrategy revealed its first bitcoin purchase in August, using the cash on its balance sheet to obtain the cryptocurrency.

It has since completed two convertible debt offers to raise capital to finance additional purchases.

The most recent offer was completed last week, generating nearly $ 1.03 billion in net proceeds.

MicroStrategy’s buying news comes as Bitcoin’s price rose over $ 50,000 on Wednesday, although it later fell below that level.

The move comes on the heels of news from Square, which said that it bought $ 170 million worth of cryptocurrency.

MicroStrategy said today, Wednesday: The average purchase price of all its Bitcoin purchases is $ 23,985.

It spent $ 2.171 billion on Bitcoin, and the company’s holdings amounted to nearly $ 4.5 billion, based on the Bitcoin price on Wednesday morning.

MicroStrategy shares have risen since the company announced its initial purchase of Bitcoin in August, rising more than 400 percent as some investors flocked to stocks to acquire the cryptocurrency.

Michael Saylor, CEO of MicroStrategy, has become a major advocate of Bitcoin, calling for other companies to buy the digital currency as an investment.

He said, “I think the market value of Bitcoin may someday reach $ 100 trillion.”

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