MicroStrategy Buying $10 Million Bitcoin Again

Business intelligence company MicroStrategy has invested $10 million in bitcoin, knowing that it already has investments in the digital currency worth $2.3 billion, and has currently purchased 314 bitcoin at an average price of about $31.808, including fees and charges.

The company now owns a total of 70,784 bitcoins, which makes the company’s average purchase price of one bitcoin about 16,035 dollars, which is higher than the previous average because the company bought this batch of bitcoin at a much higher price than its recent purchases.

In December, the company purchased 29,646 bitcoins, bringing the company’s total holdings to 70,470 bitcoins, and it was able to do so by raising $650 million in debt securities with the aim of investing it more broadly in bitcoin.

On the other hand, the company’s heavy focus on Bitcoin led Citigroup to downgrade its stock from “neutral” to “sell” in early December, but MicroStrategy didn’t seem to worry about it.

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