MicroStrategy, Its Shares Sinking, Spends $10M to Buy Yet More Bitcoin

Kevin Reynolds
·1 min read

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.

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.

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