MicroStrategy Buys Another $10 Million in Bitcoin
Business intelligence firm MicroStrategy has bought a further $10 million in Bitcoin, according to an SEC filing. It bought an additional 314 Bitcoin at an average price of $31,808, including fees and expenses.
MicroStrategy now holds 70,784 Bitcoin in total. According to the filing, this puts the firm's average purchase price at $16,035 per coin. This is higher than it was previously, because the firm purchased these newer coins at much higher prices than its earlier purchases.
In December, the firm completed its purchase of 29,646 Bitcoin, bringing its total holdings up to 70,470 Bitcoin at the time. It managed to do so by raising $650 million in debt securities in order to invest further into Bitcoin.
On the other hand, the firm's big Bitcoin focus caused Citigroup to downgrade its recommendation from 'neutral' to 'sell' in early December. But clearly, MicroStrategy wasn't perturbed.