36.1 C
Washington

MicroStrategy, chaired by billionaire crypto evangelist Michael Saylor, just dropped over $150 million to buy thousands of Bitcoin

Date:

Share:



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.

Subscribe to the CFO Daily newsletter to keep up with the trends, issues, and executives shaping corporate finance. Sign up for free.



Source link

Subscribe to our magazine

━ more like this

Donald Trump taken off stage during rally after apparent gunshots; Secret Service says he is safe

Donald Trump’s campaign said in a statement that he was “fine” after being whisked off the stage at a rally in Butler, Pennsylvania...

Call your shot: Investors are buying individual stocks at a record pace as market-beating bets dwindle to lowest ever

More investors are calling their shots and picking out individual stocks to buy as market gains become concentrated in an increasingly narrow range...

A trip to Shanghai’s AI mega-conference showed me that China’s developers are still playing catch-up to Silicon Valley

Last week, Shanghai hosted China’s largest AI event: The World Artificial Intelligence Conference (WAIC), with 500 exhibitors, 1,500 exhibits, over 300,000 attendees, and...

Trailers of the week: Captain America, F1, and Gladiator II

There’s a bit of a theme of payoff in this week’s trailers. Anthony Mackie finally takes the lead on the big screen after...

U.S. corporate bankruptcies are soaring above the pandemic-era peak, adding to the economic alarms bells piling up

The number of U.S. companies that filed for bankruptcy last month topped the highs seen during the early stages of the pandemic in...