MicroStrategy Purchases Extra $50 million in Bitcoin

MicroStrategy Inc. has purchased more Bitcoin by paying $50 million at an average buying price of $19,427. The company CEO Michael Saylor announced his company’s third bitcoin purchase on Twitter. At the time of writing this, the Bitcoin price is sitting at 19043.60.

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Microstrategy paid $50 million for Bitcoin

MicroStrategy now has nearly 40,824 Bitcoins in whole, as per the filing. CEO Michael Saylor tweeted:

MicroStrategy has purchased approximately 2,574 bitcoins for $50.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $19,427 per bitcoin. We now hold approximately 40,824 bitcoins.https://t.co/nwZcM9zAXZ
— Michael Saylor (@michael_saylor) December 4, 2020

MicroStrategy bought 2,574 bitcoins for $50.0 million in cash. Due to this move company’s treasury holdings are now roughly 40,824 bitcoins. MicroStrategy first purchased $250 million in bitcoin in August 2020. Accompanied by an extra $175 million value of Bitcoin one month later.

The company CEO Michael Saylor stated that the latest investment is part of MicroStrategy’s treasury reserve policy of avoiding inflation-prone cash for bitcoin.