:max_bytes(150000):strip_icc()/GettyImages-2039372699-78777b3657d14158a2c2ee30c0773dd2.jpg?w=1500&resize=1500,1082&ssl=1 "MicroStrategy Buys Another .1 Billion Worth of Bitcoin | Global News Avenue")
MicroStrategy Buys Another $2.1 Billion Worth of Bitcoin
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Main points
- MicroStrategy purchased 21,550 Bitcoins through a stock sale last week.
- The company currently holds 423,650 Bitcoins, worth approximately $41.5 billion.
- As more public companies add Bitcoin to their balance sheets, Bitcoin miner Riot Platforms also announced the issuance of $500 million in convertible notes.
- MSTR is down about 4% in recent trading as Bitcoin falls below $98,000.
MicroStrategy (Magnetic transmission technology) bought more Bitcoin (Bitcoin USD) last week, for the fifth week in a row.
The company spent approximately $2.1 billion to add 21,550 Bitcoins to its reserves, which have now grown to 423,650 BTC, worth nearly $41.5 billion at current prices. MicroStrategy currently controls over 2% of the next 21 million Bitcoins.
The purchase was funded through a $2.13 billion stock sale and is part of MicroStrategy’s $42 billion plan to buy Bitcoin through the issuance of stock and convertible notes, according to regulatory filings.
MicroStrategy acquired this latest batch of Bitcoins at an average price of $98,783 per Bitcoin, while the price of Bitcoin has risen from below $70,000 to below $70,000. Over $100,000 Since Donald Trump’s re-election, and the hope of a more crypto-friendly government.
Despite the newly announced Bitcoin purchase, MicroStrategy shares fell about 4% in recent trading on Monday, with Bitcoin falling below the $98,000 level.
Many other public companies are following MicroStrategy’s Bitcoin strategy and adding the cryptocurrency to their books. Bitcoin Miner Riot Platform (riot) also launched a $500 million convertible bond on Monday to buy more Bitcoin. Previously, Marathon Holdings (Mara) and Samler Scientific (Small LR) announced their intention to buy more Bitcoin.
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