Michael Saylor’s business intelligence firm MicroStrategy bought an additional $ 15 million in Bitcoin on Friday for an average price of $ 57,146, bringing the company’s total BTC holdings to 91,326 units.
MicroStrategy’s BTC holdings are now worth about $ 5,159 billion. Of which, MicroStrategy’s total cost to buy bitcoins is about $ 2.211 billion, which translates to an average price of around $ 24,214 per coin.
Michael Saylor has long been an advocate of digital currencies, especially bitcoin. He even held a conference called “bitcoin for corporations” on February 4 to attract more institutional investment. Saylor said the conference was held after receiving questions from fellow CEOs about his company’s bitcoin purchases.
MicroStrategy for the first time to invest in bitcoin was in August 2020, for a total of $ 250 million.
Since then, Saylor has changed its policy to make bitcoin the treasury reserve asset of MicroStrategy, and continued to enter the digital currency market.
Saylor resumed buying $ 50 million worth of bitcoin on December 4, then quickly made another $ 400 million bitcoin purchase on December 8.
When MicroStrategy ran out of money to buy bitcoin, Saylor switched to convertible bonds to continue its bitcoin buying habit. On Feb. 17, MicroStrategy’s convertible bond reached $ 900 million, and the company used the proceeds to buy more bitcoin.
Since then, MicroStrategy has taken advantage of the market sell-off opportunity to buy more bitcoin. As of now, the number of BTC held by the company is 91,326.
Recently, MicroStrategy’s business and operations plan took a step back from its bitcoin purchases. The company boasts a market cap of around $ 7.71 billion as of March 12, but achieves revenue of just $ 480 million by 2020 while a net loss of around $ 7.5 million, according to records of SEC.
MicroStrategy is down 4.70%, at $ 770 per share, at 9:38 am ET on Friday.