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MicroStrategy Splurges Another $650M on Latest Bitcoin Investment
MicroStrategy is transforming itself into corporate America's boldest bitcoin bull, now owning bitcoin worth over $1.596 billion.
By Danny Nelson
Updated Sep 14, 2021, 10:46 a.m. Published Dec 21, 2020, 1:26 p.m.
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MicroStrategy has invested all of the proceeds of its $650 million debt issuance into 29,646 more bitcoin.
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- CEO Michael Saylor announced in a tweet Monday that the latest purchase was made at an average price of $21,925 per bitcoin.
- The business intelligence firm now has 70,470 BTC worth over $1.596 billion in its treasury reserve.
- Saylor said in the tweet that MicroStrategy has spent $1.125 billion on bitcoin to date, at an average price of $15,964 per bitcoin.
- MicroStrategy held a $650 million convertible senior note sale in early December to raise funds for this allocation. Previous purchases relied on a $500 million glut in its corporate balance sheet.
- Issuing debt to buy bitcoin is a bold bet for any publicly traded company, especially for one whose business model does not even center on cryptocurrencies. CEO Michael Saylor has brushed aside all criticism nonetheless.
Read more: Michael Saylor: Bitcoin’s Cyber Hornet
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