MicroStrategy puts $1 billion investment into Bitcoin
Bitcoin corporate backer MicroStrategy has announced that it has bought $1.03 billion worth of Bitcoin. With the purchase of 19,452 bitcoins puts the company’s total holdings of the digital token at 90,531 has now valued at about $4.48 billion. Earlier, Twitter CEO Jack Dorsey's financial payments company Square purchased around 3,318 Bitcoins worth $170 million in the December quarter. Another report says, in October 2020, Square purchased 4,709 Bitcoins worth $50 million.
The Virginia-based enterprise software company, MicroStrategy revealed its first bitcoin purchase in August, using existing cash on its balance sheet to acquire the cryptocurrency. It has since completed two convertible debt offerings to raise capital to finance additional purchases.
MicroStrategy CEO Michael Saylor has become a leading advocate for bitcoin, calling on other companies to buy the digital token as an investment. MicroStrategy further said that, the average purchase price of all its bitcoin purchases is $23,985 per digital token. It has spent $2.171 billion on bitcoin. Based on the price of bitcoin Wednesday morning, the firm’s holdings were worth nearly $4.5 billion.
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