2022-1-1 23:05 |
MicroStrategy, a business intelligence company, has bought 1,914 more Bitcoins (BTC/USD). The firm’s CEO, Michael Saylor, announced this news earlier today, noting that the company parted with $94.20 million (£69.83 million) on December 29 to secure these coins. Reportedly, this purchase brings MicroStrategy’s total BTC holdings to 124,391 coins.
MicroStrategy has purchased an additional 1,914 bitcoins for ~$94.2 million in cash at an average price of ~$49,229 per #bitcoin. As of 12/29/21 we #hodl ~124,391 bitcoins acquired for ~$3.75 billion at an average price of ~$30,159 per bitcoin. $MSTRhttps://t.co/tNxDwaT8VD
— Michael Saylor⚡️ (@saylor) December 30, 2021At the time of writing, BTC is changing hands at $47,512.32 (£35,222.07) after losing 0.39% over the past 24 hours. At this price, MicroStrategy’s holdings are worth approximately $5.90 billion (£4.37 billion). With the company spending $3.75 billion (£2.78 billion) for the 124,341 BTC, it has made over $2.15 billion (£1.59 billion) in profits.
Notably, MicroStrategy started its BTC journey in August 2020 after investing $250 million (£185.28 million). Since then, the company has been purchasing BTC using cash on hand. MicroStrategy also issued convertible senior notes to get more funds to buy the flagship cryptocurrency.
While this decision attracted a lot of criticism, Saylor has stayed true to his belief that BTC is the next big thing by directing the company to pump more funds into the cryptocurrency, as is evident in yesterday’s purchase.
MicroStrategy officials offloaded some stock after BTC plunged in AugustThis news comes after MicroStrategy’s Chief Financial Officer (CFO) Phong Le and Chief Technology Officer (CTO) Timothy Lang liquidated around 30% of the options they received as compensation.
Reportedly, Lang exercised 10,000 of his awarded options on August 26 and later sold all the converted shares for around $7.10 million (£5.26 million). On the other hand, Le exercised 20,000 options between August 2 and 6. He then sold the shares in return for just over $7.30 million (£5.41 million).
Despite liquidating such a massive number of shares, both executives still hold approximately 20,000 options each.
This news comes as MicroStrategy’s stock (MSTR) continues performing deplorably due to the company’s close affiliation with the crypto market. At the time of writing, MSTR is changing hands at $571.15 (£423.37) after plunging from $721.43 (£534.77) at the start of the month. The stock’s current price is less than half of its yearly high of $1,272.94 (£943.59).
The post MicroStrategy purchases an additional 1,914 BTC for $94.2M appeared first on Invezz.
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