MicroStrategy buys 1,434 more BTC for over $80 million

MicroStrategy, the business analytics software provider, has purchased an additional 1,434 BTC for about $82.4 million.

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According to the report, the average purchase price was approximately $57,477. The transactions took place between 29 November and 8 December 2021. The outlay matched the proceeds MicroStrategy earned in the same period from selling 119,828 shares at $693.1 per share.

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As of December 9, the firm owned 122,478 BTC, having spent about $3.66 billion. At the time of writing, MicroStrategy’s digital-asset reserves were valued at more than $6 billion.

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The company was the first publicly listed to allocate part of its equity to digital gold. In August 2020, the business analytics software provider bought 21,454 BTC (roughly $250 million at the rate at the time of the deal).

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MicroStrategy continued to scale up its crypto reserves in line with the board-approved strategy.

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Since December 2020, the company began using not only its own capital but also debt financing to buy bitcoin, issuing convertible bonds worth $650 million.

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In February MicroStrategy issued a new tranche worth more than $1 billion andagain deployed the raised funds into cryptocurrency.

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Throughout the year the firm continued to invest in bitcoin. The largest purchases were 13,005 BTC for $489 million in July and 7,002 BTC for $414.4 million in late November.

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Over the period, the company’s average purchase price per bitcoin stood at about $29,861.

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As reported, CEO Michael Saylor called digital gold a ‘global reserve asset’ and said the firm would store the cryptocurrency ‘forever’.

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