MicroStrategy pours $1 billion more into Bitcoin

Bitcoin Golden Coin

And it’s not going to stop! Business intelligence firm MicroStrategy has poured another billion into cryptocurrency, and now owns close to 90,531 Bitcoins, with plans to buy more.

This makes it a major corporate backer of the original cryptocurrency.

The firm has confirmed that it bought another 19,452 Bitcoins, worth around $1.03 billion. The move swelled its holding of the cryptocurrency, and sent its share prices eight percent higher in premarket trading.

Headed by CEO Michael Saylor, one of the most vocal proponents of Bitcoin, MicroStrategy bought the cryptocurrency in cash at an average price of $52,765 each.

His words:

“We will continue to pursue our strategy of acquiring bitcoin with excess cash.”

The world’s largest publicly traded business intelligence company, MicroStrategy spent last year steadily amassing Bitcoin after making its first investment in August. It engaged in some $1 billion convertible note offering with the proceeds used for buying Bitcoin.

In total, the company owns close to 90,531 bitcoins, which were acquired at an aggregate purchase price of about $2.17 billion. Average purchase price came in at $23,985 per bitcoin.

According to calculations, the company’s Bitcoin holdings are valued at about $4.48 billion now.


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