MicroStrategy has spent another $147 million on buying Bitcoin
- MicroStrategy Inc has been buying Bitcoin since the start of August.
- The tech company sold new shares to fund its recent purchase of BTC.
- Bitcoin is currently worth about $5,000 less than its year-to-date high.
Follow Invezz on Telegram, Twitter, and Google News for instant updates >
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 Bitcoin
Copy link to sectionThe 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.
Looking to invest?
Invest and trade CFD stocks, ETFs, digital assets & commodities in minutes with our highest-rated broker.
MicroStrategy is in loss on its Bitcoin investment
Copy link to sectionMicroStrategy 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.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
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.
Learn to trade crypto easily by copying crypto signals & charts from pro-trader Lisa N Edwards. Sign-up today for easy-to-follow trades for tonnes of altcoins at GSIC.