MicroStrategy buys another $1 billion worth of Bitcoin

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February 24, 2021 by CoinSurges
Business intelligence firm MicroStrategy has

Business intelligence firm MicroStrategy has added yet another $1 billion worth of Bitcoin (BTC) to its balance sheets, according to an announcement published today.

“MicroStrategy Incorporated […] today announced that it had purchased an additional approximately 19,452 bitcoins for approximately $1.026 billion in cash at an average price of approximately $52,765 per bitcoin, inclusive of fees and expenses,” the company stated.

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Per the press release, MicroStrategy now holds a total of 90,531 BTC—worth roughly $4.57 billion at current prices. Simultaneously, the company has bought its Bitcoin cache for approximately $2.171 billion ($23,985 per BTC on average), which means that its crypto investments have already resulted in a profit of around $2.399 billion.

“The Company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin. The company now holds 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,” said MicroStrategy CEO Michael Saylor.

He added that the company “will continue to pursue our strategy of acquiring Bitcoin with excess cash” and may “from time to time” issue debt or equity securities and use the proceeds to buy even more Bitcoin.

As CryptoSlate reported, MicroStrategy’s massive Bitcoin investments have been turning a lot of attention since late 2020, arguably paving the way for institutional adoption of the crypto.

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Just a week ago, for example, the company announced that it will issue $600 million worth of additional convertible notes for investors and institutions—to buy more Bitcoin, of course.

The post MicroStrategy buys another $1 billion worth of Bitcoin appeared first on CryptoSlate.

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