MicroStrategy buys another $1 billion worth of Bitcoin
Business intelligence firm MicroStrategy has added yet another $1 billion worth of Bitcoin (BTC) to its balance sheets, according to an announcement published today.
Per the press release, MicroStrategy now holds a total of 90,531 BTC – worth roughly $4.57 billion at current prices. Simultaneously, the company has bought its Bitcoin cache for approximately $2.171 billion ($23,985 per BTC on average), which means that its crypto investments have already resulted in a profit of around $2.399 billion.
He added that the company “will continue to pursue our strategy of acquiring Bitcoin with excess cash” and may “from time to time” issue debt or equity securities and use the proceeds to buy even more Bitcoin.
MicroStrategy’s massive Bitcoin investments have been turning a lot of attention since late 2020, arguably paving the way for institutional adoption of the crypto.
Just a week ago, for example, the company announced that it will issue $600 million worth of additional convertible notes for investors and institutions – to buy more Bitcoin, of course.