MicroStrategy buys $50 million more in Bitcoin! MicroStrategy buys $50 million in Bitcoin after acquiring more than $425 million dollars in Bitcoin earlier this year. This is in line with the company’s capital allocation strategy.
Michael Saylor, the CEO of the business analytics firm, announced the company’s latest Bitcoin haul in a Twitter post.
“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.”
The company first bought 21,454 BTC for a purchase price of around $250 million in August, roughly a month after announcing that they’d adopt Bitcoin as a reserve asset.
MicroStrategy followed up its initial investment with an additional purchase of $175 million dollars worth of Bitcoin in September. All told, MicroStrategy now has roughly $783 million dollars worth of BTC. Saylor also confirmed on TCNTV that he personally invested $175 million of his own money into Bitcoin. He also said that current macroeconomic conditions are turning Bitcoin into a valuable asset – he also likened Bitcoin to some of the tech giants in their early days.
“Bitcoin is a dematerialized monetary network and it’s still early on in its life cycle… The best time to invest in anything is when it’s big enough to be sure it’s going to work and that means more than $100 billion dollars (market cap) and dominant in its industry and when it’s small enough that everybody else doesn’t understand it and the majority of the people aren’t quite sure what [Bitcoin] is.”
MicroStrategy’s shares have more than doubled since its decision to adopt Bitcoin as a reserve asset.
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