MicroStrategy, chaired by billionaire crypto evangelist Michael Saylor, just dropped over $150 million to buy thousands of Bitcoin
MicroStrategy Inc., the enterprise software firm that has made buying Bitcoin part of its corporate strategy, purchased another 3,000 or so of the cryptocurrency tokens this month for $155.4 million.
That raised the value of the Tysons Corner, Virginia-based company’s holdings to around $9.88 billion, based on currency market prices. The latest purchases were made with cash between Feb. 15 and Feb. 25, according to a filing with the US Securities and Exchange Commission on Monday. That brings the company’s total cache to around 193,000 Bitcoin.
Michael Saylor, the chairman and co-founder of MicroStrategy, started buying Bitcoin in 2020 as an inflation hedge and alternative to holding cash. Saylor said in an interview on Bloomberg TV last week that there’s “no reason to sell the winner” when asked about when the company would likely sell its Bitcoin holdings. The cryptocurrency is up about 460% since Saylor began buying.
The average price for the latest acquisition was $51,813, while the average price for the total holding is $31,544, according to the filing. Bitcoin was little changed at about $51,379 on Monday.
The value of the holdings briefly swelled to $10 billion earlier this month when the price of Bitcoin reached a more than two-year high.
