MicroStrategy buys another $1 billion worth of Bitcoin ๐จ This article is 3 years old...
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MicroStrategy buys another $1 billion worth of Bitcoin
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Updated: Feb. 24, 2021 at 2:03 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Business intelligence firm MicroStrategy has added yet another $1 billion worth of Bitcoin (BTC) to its balance sheets, according to an announcement published today.
โMicroStrategy Incorporated […] today announced that it had purchased an additional approximately 19,452 bitcoins for approximately $1.026 billion in cash at an average price of approximately $52,765 per bitcoin, inclusive of fees and expenses,โ the company stated.
Per the press release, MicroStrategy now holds a total of 90,531 BTCโworth 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.
โThe Company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin. The company now holds over 90,000 bitcoins, reaffirming our belief that bitcoin, as the worldโs most widely-adopted cryptocurrency, can serve as a dependable store of value,โ said MicroStrategy CEO Michael Saylor.
He added that the company โwill continue to pursue our strategy of acquiring Bitcoin with excess cashโ and may โfrom time to timeโ issue debt or equity securities and use the proceeds to buy even more Bitcoin.
As CryptoSlate reported, MicroStrategyโs 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 institutionsโto buy more Bitcoin, of course.
Author 
Liam Frost
Liam Frost is a freelance journalist and editor with over 15 years of experience working for various media outlets across the world.
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