Home Business MicroStrategy Buys Another $2.1 Billion Worth of Bitcoin

MicroStrategy Buys Another $2.1 Billion Worth of Bitcoin

By
Ella Bennet
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Key Takeaways

  • MicroStrategy bought 21,550 bitcoin final week, funded by a share sale.
  • The firm now holds 423,650 bitcoin, which is value round $41.5 billion.
  • Bitcoin miner Riot Platforms additionally introduced a $500 million convertible observe providing, as extra publicly-traded corporations are including bitcoin to their stability sheets.
  • MSTR was down roughly 4% in latest buying and selling as bitcoin fell under $98,000.

MicroStrategy (MSTR) purchased extra bitcoin (BTCUSD) final week, for the fifth week in a row.

The firm spent roughly $2.1 billion so as to add 21,550 bitcoins to its stash that has now grown to 423,650 BTC, and is value near $41.5 billion at present costs. MicroStrategy now controls over 2% of the 21 million bitcoin that can ever exist.

According to regulatory filings, the acquisition was funded by a $2.13 billion share sale which is part of MicroStrategy’s $42 billion plan to buy bitcoin by issuing shares and convertible observe choices.

The acquisition of this newest horde of bitcoin got here at a median value of $98,783 per bitcoin for MicroStrategy, as bitcoin costs have rallied from under $70,000 to greater than $100,000 because the re-election of Donald Trump and hopes of a extra crypto-friendly administration.

Despite the newly-announced bitcoin buy, MicroStrategy inventory was down roughly 4% in latest buying and selling Monday, as bitcoin dipped under the $98,000 degree.

Many different listed corporations are taking a leaf out of MicroStrategy’s bitcoin playbook so as to add the cryptocurrency to their very own books. Bitcoin miner Riot Platforms (RIOT) additionally unveiled a $500 million convertible bond providing Monday to purchase extra bitcoin. Previously, Marathon Holdings (MARA) and Semler Scientifc (SMLR) introduced their intention to accumulate extra bitcoin.

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