MicroStrategy has spent another $147 million on buying Bitcoin
Bitcoin has slipped rather significantly over the past couple of months – weakness that MicroStrategy Inc (NASDAQ: MSTR) used to increase its exposure to the world’s largest cryptocurrency.
MicroStrategy has been buying BitcoinCopy link to section
The Nasdaq-listed firm has bought another 5,445 bitcoins (approximately) since the start of August.
MicroStrategy spent about $147.3 million on the purchase that translates roughly to $27,053 per Bitcoin “inclusive of fees and expenses” as per its regulatory filing on Monday.
Last month, the business intelligence platform did reveal plans of raising up to $750 million. On Monday, it confirmed that it sold 403,362 new shares to secure cash that it used to acquire these bitcoins.
BTC is worth about $5,000 less than its year-to-date high at writing.
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MicroStrategy is in loss on its Bitcoin investmentCopy link to section
MicroStrategy now holds a total of 158,245 Bitcoin at an average purchase price of $29,582 (approximately) – which means its historical investments in the cryptocurrency is currently in a significant loss.
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Nonetheless, the fact that it chose to tap on the recent weakness suggests that it remains ever-so bullish on BTC as a long-term play and a store of value.
The news arrives about a couple months after MicroStrategy said it returned to profitability in its second financial quarter – in which it bought about 12,333 Bitcoin, as per the earnings release.
Shares of the cloud company are currently down nearly 30% versus their year-to-date high.