Still Bullish: MicroStrategy Buys Another $50 Million in Bitcoin
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According to SEC filings from today, business intelligence company MicroStrategy has bought 2,754 Bitcoins at $19,427 each—worth a total of $50 million. CEO Michael Saylor confirmed the purchase on Twitter.
MicroStrategy has purchased approximately 2,574 bitcoins for $50.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $19,427 per bitcoin. We now hold approximately 40,824 bitcoins.https://t.co/nwZcM9zAXZ
— Michael Saylor (@michael_saylor) December 4, 2020
The publicly held company famously invested $250 million in the token in early August, grabbing 21,454 BTC when the price was in the $11,700 range. It funneled another $175 million into Bitcoin on September 14, picking up 16,796 BTC when the price for a token dipped to around $10,700.
Though the price of Bitcoin has since risen considerably and just this week hit an all-time high near the $20,000 mark, MicroStrategy and its Bitcoin-evangelizing CEO clearly remain bullish. With the most recent purchase, it now holds 40,824 Bitcoin, worth over $765 million at current rates. Not bad for a $475 million investment.
MicroStrategy holds more Bitcoin than any other public company, according to Bitcoin Treasuries. Galaxy Digital Holdings, led by bullish investor Mike Novogratz, owns 16,651 BTC. Jack Dorsey’s Square, which also offers Bitcoin services through the Cash App, has 4,709 BTC on its books.
