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MicroStrategy Wavers After Purchase of 262 Bitcoins for $15M

MicroStrategy lifted its bitcoin holdings by 0.3%, buying 262 of the digital assets for an average $57,146 each.
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MicroStrategy  (MSTR) - Get Free Report shares were volatile on Friday after the company disclosed it spent $15 million to buy 262 bitcoins, an average $57,146 per coin including fees. 

Shares of MicroStrategy at last check were off 0.8% at $797.

MicroStrategy now owns about 91,326 bitcoins, which it bought for $2.21 billion, or an average $24,214 per bitcoin. 

Bitcoin at last check was trading up 2% at $57,467, according to CoinDesk. Based on that price, Micro's bitcoin holdings total about $5.25 billion. 

The company said in February that it was issuing $600 million in bonds to buy more bitcoin. 

The company said that as of Feb. 8 it possessed 71,079 bitcoin at an average purchase price of $16,109.

Then on Feb. 24 the company said it bought 19,452 bitcoins for $1.03 billion, boosting the business-intelligence provider's emphasis on the cryptocurrency.

The Tysons Corner, Va., company said it purchased the digital asset for cash at an average price of about $52,765 per bitcoin, including fees and expenses.

That deal brought its holdings to 90,531 bitcoins. And the company has made other purchases as well.

“The company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin,” Chief Executive Michael Saylor said in a statement at the time.

“Our belief is that bitcoin, as the world’s most widely adopted cryptocurrency, can serve as a dependable store of value.”

MicroStrategy will keep buying bitcoin with excess cash and may again issue debt or equity to purchase more, he said.

In other crypto news, Binance, the world's largest cryptocurrency exchange, faces an investigation by the Commodity Futures Trading Commission, a media report says.

At issue is whether Binance permitted Americans to make forbidden derivatives trades, as the firm isn’t registered with the CFTC, Bloomberg News reported.