Microstrategy Buys 29,646 More Bitcoins – Now Holds Over $ 1.6 Billion at BTC

Nasdaq-listed Microstrategy has bought 29,646 more bitcoins for $ 650 million. The latest purchase brings the company’s bitcoin holdings to 70,470 – worth more than $ 1.6 billion.

Microstrategy now has Over $ 1.6 billion in Bitcoin

Billion-dollar public company Microstrategy (Nasdaq: MSTR) announced its latest bitcoin purchase on Monday. CEO Michael Saylor tweeted:

Microstrategy has purchased an additional 29,646 bitcoins for $ 650 million at an average price of $ 21,925 per bitcoin and is now an aggregation hodl of 70,470 bitcoins purchased for $ 1.125 billion at an average price of $ 15,964 per bitcoin.

Microstrategy began buying large quantities of bitcoin in August through Coinbase’s institutional service, making the cryptocurrency a major reserve asset. After depleting its own excess cash, the company raised funds by selling $ 650 million worth of convertible senior notes to buy more bitcoin, causing Citigroup to downgrade its stock. For the current price, 70,470 Microstrategy bitcoins are worth more than $ 1.6 billion.

Saylor, now a staunch bidder of bitcoin, tried to convince Elon Musk over the weekend to move billions of dollars of Tesla funds into bitcoin. “If you want to do a $ 100 billion favor to your shareholders, convert a $ TSLA balance sheet from USD to BTC. Other companies on the S&P 500 would follow your lead and eventually grow into a $ 1 trillion favor, ”he told Musk on Sunday. Saylor then offered to share his playbook with Musk offline.

“The acquisition of additional bitcoins announced today reaffirms our belief that bitcoin, like the most widely adopted cryptocurrency in the world, is a reliable store of value,” opined Saylor. Commenting on his company’s latest bitcoin purchase, Microstrategy CFO Phong Le said:

The company continues to believe that bitcoin will provide an opportunity for better returns and retain the value of our capital over time compared to holding cash.

What do you think of Microstrategy’s mega bitcoin purchases? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, nor a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.