MicroStrategy Buys $50 Million Worth Of Bitcoin, Topping Up Holdings To $766 Million

Bitcoin, Blockchain, Crypto, Cryptocurrency, Coin

Image Source: Pixabay

MicroStrategy Incorporated (MSTR) has bought $50 million worth of bitcoin (BITCOMP) in cash, the company’s CEO announced on Twitter.

What Happened

The company acquired 2,574 bitcoins for $50 million in cash at $19,427 per bitcoin, according to the related SEC filing. MicroStrategy now holds 40,824 bitcoins. That's an approximate valuation of $766.6 million, as of this afternoon. It previously purchased 16,796 bitcoins worth roughly $175 million in September, CoinDesk reported. Talking to CoinDesk in November, Saylor said Bitcoin is “a million times better” than gold.

What’s Next

During a virtual investor day in November, the company mentioned it was exploring Bitcoin data and analytics products for its customers, according to The Block.

Price Action

MicroStrategy shares closed 1.22% lower, at $324 in post-market trading. Bitcoin traded at $19,107.54 at press time, gaining 0.78% over 24 hours.

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.
Craig Newman 1 month ago Member's comment

Good he will be a great bag holder.