MicroStrategy has bought 29,646 bitcoins at the average price of $21,925 for a total of $650 million, the company announced today.
That’s ten days after the company successfully completed their $650 million convertible notes offering, all of which went to bitcoin.
MicroStrategy now holds more than $1 billion worth of bitcoin for a total of 70,470 BTC at an average price of $15,964.
“The Company continues to operate in accordance with its Treasury Reserve Policy and currently holds approximately 70,470 bitcoins,” said Michael J. Saylor, CEO of MicroStrategy Incorporated, before adding:
“The acquisition of additional bitcoins announced today reaffirms our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value.
We believe the proactive management of our balance sheet, combined with the improved revenue and profitability performance of the Company, have been significant factors in the recent appreciation in our stock price.”
MicroStrategy’s stock price has gone up by 3x since they initially announced their bitcoin involvement, with the company now being one of the biggest holder of digital gold to diversify from devaluing dollars.