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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.