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Published by: dailynews
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MicroStrategy Spends $150 Million To Add To Bitcoin Stockpile

Published by: dailynews
Published on:

MicroStrategy Inc., the company best known as the largest publicly traded holder of Bitcoin, added to its hoard of the world’s largest cryptocurrency in the past two months, using stock sales to help fund the almost $150 million worth of purchases.

The enterprise-software maker co-founded by crypto proponent Michael Saylor bought 5,445 Bitcoin between Aug. 1 and Sept. 24 at an average price of $27,053 per token, according to a filing Monday with the US Securities and Exchange Commission. The purchases came as Bitcoin traded in a range of $25,000 to $30,000; the coin is up almost 60% this year.

MicroStrategy started buying Bitcoin in 2020, and has ramped up purchases this year as the cryptocurrency recovered from a year of losses caused by rising rates and some high-profile crypto implosions and bankruptcies. The company returned to profitability in the second quarter after having to take a large writedown a year earlier because of the plunge in Bitcoin.

Read the full story on the Financial Times here.