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MicroStrategy Buys $191M Worth of Bitcoin
The software company now holds 129,218 bitcoins.
Updated May 11, 2023, 7:11 p.m. Published Apr 5, 2022, 12:12 p.m.
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MicroStrategy (MSTR), a bitcoin-accumulating business-intelligence software company, said it bought another 4,167 BTC for around $190.5 million.
- The purchases took place between Feb. 15 and Monday, MicroStrategy said in a statement Tuesday.
- The Tysons Corner, Va.-based company paid an average price of $45,714 per bitcoin.
- The purchases were made through the company's MacroStrategy subsidiary, the company said.
- The cash used to purchase the bitcoin likely stems from proceeds of MicroStrategy's recent $205 million loan from Silvergate Bank, Mark Palmer, an equity research analyst at BTIG, told clients in a note Tuesday.
- MicroStrategy now holds a total of 129,218 bitcoins, valued at about $6 billion at the current price of about $46,742. CEO Michael Saylor has said on several occasions that the company plans to hold the bitcoin long term and has no plans to sell it.
- The bitcoin acquired across the 49-day period averages to 85 a day, up from the 20 it acquired a day between Dec. 30. and Jan. 31. In an earlier statement, the company indicated it hadn't bought any bitcoin in the first half of February.
- MicroStrategy shares fell as much as 1% in early trading.
Read more: Bitcoin's Implied Volatility Suggests Recovery Set to Continue
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Michael Bellusci contributed to this story.
UPDATE (April 5, 13:44 UTC): Adds commentary on Silvergate Bank loan in third bullet point, share performance in sixth.
UPDATE (April 6, 7:07 UTC): Adds MacroStrategy in third bullet point.
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