MicroStrategy Buys Another 19,452 Bitcoins for $1.03 Billion

Michael Saylor’s MicroStrategy is at it again. Possibly in a fear of missing out moment with the recent 20% pullback in the price of Bitcoin, the company disclosed on Wednesday it added 19,452 additional bitcoins to its balance sheet at a total purchase value of $1.03 billion.

According to company CEO Saylor, each bitcoin was purchased at an average price of $52,765.

MicroStrategy now holds 90,531 bitcoins, having purchased a total of $2.171 billion of the cryptocurrency at an average price of $23,985 since starting its allocation in August.

The move sent the company’s shares 8% higher in premarket trading, reports Reuters.

MicroStrategy’s latest crypto purchase comes on the heels of a company decision to issue $1.05 billion of convertible debt to purchase more bitcoin.

On Tuesday, Jack Dorsey’s company Square revealed in its fiscal fourth-quarter financial report that it bought approximately 3,318 bitcoins for $170 million, in yet another strong sign bitcoin is maintaining its recent appeal to institutional buyers.

“Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future,” Square said in a statement, further add that it plans “to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis.”

At the time of writing, bitcoin is down approximately 14% from its recently achieved all time high of $58,321, trading at $49,530.

Year to date, bitcoin is up over 400%.

********

Get the NEWS YOU NEED sent straight to your inbox by subscribing to our FREE NEWSLETTER below: