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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.
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.
STORY CONTINUES BELOW
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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
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
