Business intelligence company MicroStrategy has picked up 11,931 additional Bitcoins for a whopping $786 million, according to an announcement on Thursday. They were purchased at an average price of $65,883 per coin.
Business intelligence company MicroStrategy has picked up 11,931 additional Bitcoins for a whopping $786 million, according to an announcement on Thursday. They were purchased at an average price of $65,883 per coin.
The company now holds a total of 226,331 Bitcoins, making it by a wide margin the largest corporate holder of the flagship cryptocurrency.
Tomiwabold Olajide
The recent purchase was financed with the help of MicroStrategy’s recent debt sale. Earlier today, the firm announced that it had completed its $800 million convertible note offering.
The company’s average Bitcoin purchase price has now increased to $36,798 after the most recent purchase.
Earlier today, Bitcoin price managed to reclaim the $66,000 level and hit an intraday high of $66,436.
Despite its huge size, the recent purchase had little impact on the market as it was largely discounted after the company expanded its debt sale last week.
Mushumir to the fullestMicroStrategy (MSTR) shares rose 2.56% in pre-market trading. They are up an impressive 114% so far this year, significantly outperforming Bitcoin.
As Guru-Investingreported, the company’s aggressive leverage buying strategy, which involves selling debt to accumulate more Bitcoins, was recently criticized by gold fanatic Peter Schiff. The financial commentator even went so far as to suggest that Saylor could be single-handedly propping up the Bitcoin market.
