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MicroStrategy, Its Shares Sinking, Spends $10M to Buy Yet More Bitcoin
MicroStrategy said it bought about 205 BTC for $10 million in cash, at an average price of about $48,888.
Por Kevin Reynolds
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Business intelligence firm MicroStrategy, which has essentially linked its fate to the performance of bitcoin, announced it has bought another $10 million of the largest cryptocurrency.
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The company's shares closed at $645.66 Thursday and are down 0.88% in Friday pre-market trading.
- MicroStrategy said it bought about 205 BTC for $10 million in cash, at an average price of about $48,888.
- The company said that as of Friday it now holds about 91,064 BTC that were bought at a combined purchase price of $2.196 billion for an average per coin price of $24,119.
- While MicroStrategy's crypto investment is still about twice what it paid for it, BTC is more than $10,000 off its all-time high set last month. The company's shares have lost roughly half their value in that same time frame.
Read more: MicroStrategy Keeps Stacking Sats With Additional $15M Bitcoin Buy
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Despite the price recovery, the Crypto Fear & Greed Index remains in “extreme fear,” indicating underlying market anxiety.
What to know:
- Bitcoin’s price recovered above $70,000 after a drop, driven by cooler-than-expected U.S. inflation data and increased risk appetite.
- Despite the price recovery, the Crypto Fear & Greed Index remains in “extreme fear,” indicating underlying market anxiety.
- $8.7 billion in bitcoin losses were realized in the last week, potentially signaling a capitulation event and a shift of supply to stronger hands.
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