Microstrategy, listed on the Nasdaq, bought 29,646 additional bitcoins for $ 650 million. The latest purchase brings the company’s bitcoin holdings to 70,470 – worth more than $ 1.6 billion.

Microstrategy now has more than $ 1.6 billion in Bitcoin

The multi-billion dollar company Microstrategy (Nasdaq: MSTR) announced its latest bitcoin purchase on Monday. CEO Michael Saylor tweeted:

Microstrategy has bought 29,646 additional bitcoins for $ 650 million at an average price of $ 21,925 per bitcoin and now hodl bought a total of 70,470 bitcoins for $ 1.125 billion at an average price of $ 15,964 per bitcoin.

Microstrategy began buy large amounts of bitcoin in August through Coinbase’s institutional service, making the cryptocurrency its primary reserve asset. After running out of its own excess money, the company raised money by selling $ 650 million worth of convertible senior notes to buy more bitcoin, making Citigroup downgrade his stock. At the current price, Microstrategy’s 70,470 bitcoins are worth more than $ 1.6 billion.

Saylor, who is now an ardent bitcoin proponent, tried to convince Elon Musk this weekend to move billions of dollars from Tesla’s funds to bitcoin. If you want to do your shareholders a $ 100 billion favor, convert the $ TSLA balance from USD to BTC. Other companies on the S&P 500 would follow your lead and over time this would grow to a $ 1 trillion favor, “he Musk said on Sunday. Saylor then offered to share his playbook with Musk offline.

“The acquisition of additional bitcoins announced today reaffirms our belief that bitcoin, as the world’s most widely used cryptocurrency, is a reliable store of value,” said Saylor. Commenting on his company’s latest bitcoin purchase, Microstrategy CFO Phong Le said:

The company continues to believe that bitcoin offers the opportunity for better returns and retains the value of our capital over time compared to holding cash.

What do you think of Microstrategy’s mega bitcoin purchases? Let us know in the comments below.

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